Although JPMorgan offers Bitcoin investment services the CEO of the firm is not enthusiastic about BTC.
Jamie Dimon, CEO of JPMorgan has shown his dislike for Bitcoin. He has also stated that Bitcoin has no intrinsic value.
Speaking to Axios on HBO, Jamie cited his view on Bitcoin. He described it as “the fool’s gold of the future”. Jamie said “it has no intrinsic value, and regulators are going to regulate the hell out of it.” Jamie also stated that he has was always convinced that Bitcoin will be made illegal in certain countries and China has made BTC illegal.
Here we must be aware that many other activities are prohibited in China. For instance, Google services are illegal and the Internet is also heavily restricted within the country. Therefore, it is not wise to believe that Bitcoin which allows people to be free can be allowed in China.
Recently Dimon told the Times of India that BTC can increase ten times:
“That does not mean Bitcoin can’t go 10 times in price in the next five years, I remember when beanie babies were selling for $2,000 a pop. We all know about tulip bulbs.”
He also mentioned that it’s important to control Bitcoin. Because if someone uses it for illicit reasons, then the government needs to act on it. BTC could be used to evade taxes or drug trafficking, or even money laundering, cryptocurrency is used extensively to fool government vigilance.
He told Axios:
“If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not,”.