The Strategist

JPMorgan Chase head: Bitcoin is fool's gold

10/13/2021 - 03:47

Bitcoin's prospects are rather dubious. And even more so: the largest by market value cryptocurrency likely has no future.

That's what CNBC reports, citing a comment from Jamie Dimon, CEO of investment bank JPMorgan Chase.

Dimon revealed that he personally holds the view that bitcoin is worthless. But his clients don't always follow his philosophy. "Our clients are adults. They don't agree. That's the way the markets work. So if they want to buy bitcoins, we can't prevent it, but we can give them a legal access, as transparent as possible," he added.

CNBC recalls that in February 2019 there was an announcement from JPMorgan that they would launch a digital currency called JPM Coin, and in October 2020 the bank created a new division for blockchain projects. However, Dimon himself holds conservative views on cryptocurrency.

"I always thought it would be declared illegal somewhere, for example China has made it illegal, so I think it's fool's gold," said the JPMorgan Chase chief executive.

In his view, regulators will definitely take on the cryptocurrency market.