The CEO of America's Largest Bank: "Bitcoin Has No Value"

The CEO of America's Largest Bank: "Bitcoin Has No Value"

JPMorgan Chase CEO Jamie Dimon has just issued a negative assessment of Bitcoin, despite the virtual currency's price hitting a five-month high...

The chairman and CEO of the largest US bank JPMorgan Chase, Jamie Dimon, is not a supporter of Bitcoin - the digital currency with the largest market capitalization in the world.

Dimon has just issued a negative rating for Bitcoin, despite the virtual currency's price hitting a five-month high.

“Personally, I think Bitcoin has no value,” CNBC quoted Dimon as saying at an event organized by the Institute of International Finance (IIF) on October 11.

But “our customers are all adults. They disagree with what I think. That's what makes the market. So, if they want access to buy Bitcoin, we can make it as legal and clean as possible for them,” Dimon said.

Although the head of JPMorgan Chase does not believe in Bitcoin, the bank is still actively implementing virtual currency projects. In February 2019, JPMorgan Chase said it would issue its own digital currency called JPM Coin. In October 2020, this bank opened a new department specializing in blockchain projects. Last August, JPMorgan Chase began allowing wealth management clients access to virtual currency funds.

For his part, Mr. Dimon has always maintained his anti-crypto stance.

Recently, Dimon told Axios CEO Jim VandeHei that Bitcoin “has no intrinsic value.” While assuming that Bitcoin will be around for a long time, “I believe this virtual currency will be illegal in some places, such as China, which already considers Bitcoin illegal, so I think Bitcoin is like 'idiot's gold'. Mr. Dimon also said that "the authorities will regulate virtual currency to the right place".

Maybe Mr. Dimon is right: recently, the US government has increased its attention to the issue of monitoring the virtual currency market. Last Friday, Bloomberg reported that the administration of President Joe Biden was considering an executive order to direct federal agencies to study and make recommendations on the virtual currency market.

But despite increased scrutiny, Federal Reserve Chairman Jerome Powell made it clear in late September that he has no intention of banning Bitcoin in the US.

Some financial experts believe that a well-thought-out regulation of virtual currencies will benefit the United States. “If people want cryptocurrencies to become a mainstream asset, regulation is a necessary first step,” said Anjali Jariwala, an expert at Fit Advisors.

However, cryptocurrency advocates are concerned that cryptocurrency scrutiny could also stifle innovation in the field in the US, prompting cryptocurrency companies to move out of the US to other countries.

Bitcoin price is keeping a strong upward momentum, sometimes reaching nearly $ 58,000 in last night's trading session (October 11) Vietnam time. This morning, the price of Bitcoin fluctuated around the threshold of 57,000 USD. The price of this virtual currency has increased by about 30% since the beginning of October and only needs to increase by another 12% to re-establish the record of nearly $ 65,000 set in April.

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