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HomeCrypto NewsMarketEven Though JPMorgan Provides BTC Investment Services, JPMorgan CEO Says Bitcoin Has No Intrinsic Value And Regulators Will Soon...

Even Though JPMorgan Provides BTC Investment Services, JPMorgan CEO Says Bitcoin Has No Intrinsic Value And Regulators Will Soon Regulate The Hell Out Of It

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Although JPMorgan offers Bitcoin investment services the CEO of the firm is not enthusiastic about BTC.

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Read: Bitcoin Mining Is Becoming More Profitable As Total Value Paid To BTC Miners Is Hovering Around $40Million Per Day



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.

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Read: President Nayib Bukele Shares First Results Of El Salvador Mining Bitcoin With Volcanoes

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,”.

Read: Federal Reserve Chairman, Jerome Powell Said Fed Has No Intention To Ban Bitcoin Or Crypto

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Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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