Bitcoin has no value and authorities will soon ‘regulate the hell out of it,’ says JPMorgan CEO Jamie Dimon

0
jamie dimon jpmorgan
  • JPMorgan CEO Jamie Dimon doubled down on past skepticism of bitcoin in a TV interview with Axios.
  • Dimon is a longtime crypto critic who has trashed bitcoin as a “fraud” and a waste of time.
  • His critical remarks come in contrast to growing crypto interest by mainstream financial institutions – including JPMorgan.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

JPMorgan CEO Jamie Dimon doubled down on past skepticism of bitcoin in a TV interview with Axios published on Monday, warning investors that the cryptocurrency has no underlying value.

“It’s got no intrinsic value,” said Dimon in response to a question on whether bitcoin was akin to fool’s gold.

Asked about whether authorities should regulate crypto, Dimon said, “Regulators are going to regulate the hell out of it,” adding that this was more a factual than a moral statement.

“If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not,” he told Axios.

Dimon was also pressed on his $31 million compensation package, which in July was boosted with around $49 million in JPMorgan share options, according to the Financial Times.

“The board decides what I make,” he said. “We have a free market in this country, which … everyone should applaud.”

Dimon is a longtime crypto critic who has trashed bitcoin as a “fraud” and a waste of time. In September, the JPMorgan boss said he wouldn’t care if bitcoin’s price shot up even further.

“That does not mean it can’t go 10 times in price in the next five years,” Dimon told the Times of India. “I remember when beanie babies were selling for $2,000 a pop. We all know about tulip bulbs.”

Dimon’s critical remarks come in contrast to growing crypto interest by mainstream financial institutions – including his own JPMorgan. In July, Insider reported that would be the first big bank to execute crypto trades requested by its wealth-management clients.