JPMorgan CEO Jamie Dimon Still Thinks Bitcoin Is Worthless, Calls Government Regulation Inevitable

Dimon, who has been a vocal critic of Bitcoin in the past said, "I personally think that Bitcoin is worthless," at an annual financial event.

By Shomik Sen Bhattacharjee | Updated: 12 October 2021 15:31 IST

JPMorgan CEO Jamie Dimon Still Thinks Bitcoin Is Worthless, Calls Government Regulation Inevitable

The JP Morgan CEO has often spoken out against Bitcoin

Highlights

Jamie Dimon says 'bitcoin is worthless'
JPMorgan began offering clients access to crypto assets in July
Bitcoin values close-in on a new all-time-high

JPMorgan Chase CEO Jamie Dimon has made it known in the past that he is no fan of Bitcoin and has now reiterated his sentiment on the world's most popular cryptocurrency, called it "worthless." Bitcoin's impressive showing over the past few weeks appear to have silenced many critics, but Dimon strongly disagrees with cryptocurrency being a serious investment. Dimon also stated that cryptocurrency, as an asset class will be regulated by governments and that regulation is necessary.

Dimon, who has been a vocal critic of Bitcoin in the past said, "I personally think that Bitcoin is worthless. But I don't want to be a spokesman for that, I don't care. It makes no difference to me." That said, the largest bank in the U.S. will offer its clients exposure to Bitcoin, Dimon stated, while briefly speaking at the annual Institute of International Finance event.

"Our clients are adults. They disagree. That's what makes markets," Dimon said. "So, if they want to have access to buy yourself bitcoin, we can't custody it but we could give them legitimate, as clean as possible, access."

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The CEO of JPMorgan has assured that he now has no problem offering investment options to his Bitcoin-hungry clients given their high interest in cryptocurrencies. This appears to be a significant shift in Jamie Dimon's attitude. In 2017, the JPMorgan Chase CEO claimed he didn't want any of his employees to trade Bitcoin, asserting that Bitcoin was a fraud "worse than tulip bulbs," and even likened it to "fool's gold" earlier this year.

Despite Dimon's sentiments, JPMorgan began offering its wealth management clients access to crypto assets in July 2021. The CEO's comments also seem to have had on Bitcoin's bullish start to the week, inching closer than ever to a new all-time high.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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