FINANCE

Bitcoin is stupid gold


Jamie Dimon, chairman and chief executive of JPMorgan Chase, is skeptical about Bitcoin, the largest cryptocurrency in terms of market value.

“It has no intrinsic value. And regulators are going to control H — from it,” Dimon recently told Axis CEO Jim Vandehei.

Damon said Bitcoin would be long-term, but “I’ve always believed it would be illegal somewhere, just like China made it illegal, so I think it’s a little silly gold.”

Damon added that Bitcoin should be regulated by the government. “They have to,” he told Vandehei. Like cryptocurrency, “you can’t control what banks do when it comes to money, and you can’t control who you call money.”

“You can call it security or assets or something like that, but if people use it for tax evasion and sex trafficking and ransom content, it will be controlled, whether you like it or not,” Dimon said.

Recently, the US government has focused on controlling the cryptocurrency market. In September, the Biden administration announced plans to create measures and bans against infrastructure that facilitated cryptocurrency ransomware attacks, the Wall Street Journal reported.

Gary Gensler, chairman of the Securities and Exchange Commission, has also repeatedly mentioned plans to create a rule for the industry.

And some financial experts argue that prudent regulation in the United States would be beneficial “if people want to turn crypto into a mainstream asset, I think [regulation is] A necessary first step, ā€¯Anjali Jariwala, a certified financial planner, certified public accountant and founder of Fit Advisors, previously told CNBC Make It.

However, proponents of cryptocurrency are wary of further control. The crypto community is concerned that certain regulatory structures could hinder crypto innovation in the United States and push businesses abroad.

For his part, Dimon is firmly entrenched in his anti-crypto stance. “I’m not a Bitcoin supporter,” Damon said during a Wall Street Journal CEO council conference in May. “I don’t care about Bitcoin. I have no interest in it.”

But putting aside personal opinions, JPMorgan Chase said “clients are interested, and I won’t tell clients what to do,” he said.

In February 2019, JPMorgan Chase said it would launch a digital currency called JPM Coin and create a new unit for firm blockchain projects in October 2020. In August, it began giving its asset management clients access to crypto funds, CNBC reported.

Bitcoin is currently trading at $ 47,576, with a market value of more than $ 896 billion, according to CoinMarketCap.

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