Bitcoin has no intrinsic value, regulatory authorities will regulate hell out of it - regulation
Bitcoin has no intrinsic value, regulatory authorities will regulate hell out of it - regulation
The CEO of the global investment bank JPmorgan, Jamie Dimon, says that Bitcoin has no inner value and "the supervisory authorities will regulate hell". He emphasized: "If people use it for tax avoidance, sex trade and ransomware, it will regulate whether they like it or not."
JPmorgan boss for Bitcoin and crypto regulation
The chairman and CEO of JPMorgan Chase, Jamie Dimon, continued to press his anti-bitcoin and crypto posture in an interview with Axios published on Monday.
Dimon was asked if Bitcoin is "the fool's gold of the future"? The JPmorgan boss replied:
It has no inner value and the supervisory authorities will regulate hell.
While Dimon admitted that there will be cryptocurrency in the long term, he said: "I have always believed that it was made illegal somewhere, such as china made it illegal , so I think it is a bit of a fool's gold. "
Several supervisory authorities have said in a similar way that Bitcoin has no inner value, including the President of the European Central Bank (ECB). Christine Lagarde Federal Reserve jerome powell , and the governor of the bank of England Andrew bailey . In comparison, many have also pointed out that Fiat currencies have no inner value. A report by the Federal Reserve Bank of St. Louis Conditions : "Also state monopoly currencies such as the US dollar, the euro and the Swiss franc are no value."
Dimon was also asked whether governments should regulate Bitcoin. "Yes," he called, adding: "You have to. You cannot regulate everything a bank does in relation to the transfer of money and do not regulate what you would give money." The JPMorgan manager explained:
You can call it security or asset or the like, but if people use it for tax avoidance, sex trade and ransomware, it will regulate whether you want it or not. So it is not a moral statement. It is a factual statement.
Dimon has long been a Bitcoin and crypto skeptic. He called btc a fraud later, but later regretted the statement. In May he advised people, " stay away " by cryptocurrency.
While Dimon said that he was not interested in Bitcoin, he admitted that JPMorgan customers are interested. In July, the bank announced that many of its customers wanted to see and invest cryptocurrencies as asset class. In August Jpmorgan offer six Cryptocurrency investment funds to customers.
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