Even though JPMorgan provides Bitcoin investment services, the CEO of the company is bearish about it. Jamie Dimon has showcased his dislike for cryptocurrency, and recently he said that Bitcoin has no intrinsic value. According to him, regulators are going to be very strict about crypto. Since a lot of people use them for illegal activities, no one can stop crypto from being regulated in any way. Well, even though Jamie has a point, I don’t think regulation can stop Bitcoin’s growth; it can just slow it down. In fact, some regulations will be good to guide investors and keep illegal activities at bay.
JP Morgan’s CEO on Bitcoin
In an interview with the Axios on HBO, Jamie cited his views on Bitcoin. He called it the “the fool’s gold of the future”. At the same time, he also said that “It’s got no intrinsic value, and regulators are going to regulate the hell out of it.” Jamie also said that he always thought that Bitcoin would be made illegal in some places. And that has actually happened as China has made it illegal. Even though this is right, we should also consider the fact that a lot of other things are also illegal in China. For example, Google services are illegal, and the internet is also heavily censored in the country. So, it will be unwise to expect that Bitcoin that gives people freedom will be allowed.
He also said that it is important to regulate Bitcoin. This is because if people are using it for illegal purposes, the government has to do something about it. Be it for tax evasion, drug sales, or even money laundering; crypto is being used heavily to trick the government’s vigilance. So, it is important to stop that. Therefore, if Bitcoin gets regulated, it will be rigorous, which will make it incredibly difficult to prosper.
I don’t take Jamie Dimon’s statements very seriously because he even called BTC a fraud back in 2017. And fast forward four years, his firm is letting people invest in the “so-called” fraud. But one thing is for sure that Jamie has always been a sceptic of Bitcoin. And it is a good thing because we should always look at any form of investment from both bullish and bearish perspectives.
What are your thoughts on Jamie Dimon saying that Bitcoin has no intrinsic value? And do you think that his and his firm’s views don’t match at all? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bank of America is bullish on Ethereum, DeFi and NFTs.