October 16, 2021

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“Bitcoin has no value” – says the head of the largest bank in the USA

The head of US bank JPMorgan Chase is known as a tough crypto critic. It lives up to this reputation over and over again, the last time being Monday.

JPMorgan Chase is the largest bank in the United States and the third largest listed bank in the world. If their boss speaks out, then he has the potential to move markets. And this boss – his name is Jamie Dimon – often manages to do it too. Only on Bitcoin and the rest of the cryptocurrency market so far has he had rhetorical teeth.

do customers have different opinions?

That doesn’t stop it from continuing to position itself crystal clear against cryptocurrencies. On Monday, during an event organized by the Institute of International Finance, Dimon said: “I personally believe that Bitcoin is useless.”

“I don’t want to be a spokesperson – I don’t care. It makes no difference to me, “he added.” Our customers have grown. You disagree. That’s what markets are for. So if they want access to buy Bitcoin for themselves, we can’t keep it for them, but we can give them legitimate access that is as clean as possible. “

Dimon doubts the maximum limit

As CNBC reports, Dimon also questioned Bitcoin’s essential value factor. As a result, he doesn’t believe Bitcoin inventory will really be stuck at 21 million units. “How do you know it ends at 21 million? Read all the algorithms? Do you all believe it? I don’t know, I’ve always been skeptical of these things. “

Dimon is not completely alone with these views, but he is certainly not part of the mainstream of the financial world. Wall Street, in particular, has become increasingly friends with cryptocurrencies in recent times. Also, it’s hard to stay so negative about an investment that is highly volatile, but delivers over and over over the years and has consistently produced massive increases in value over its previous life.

The crypto critic remains true to himself

Dimon does not dispute it. Back in 2017, he called cryptocurrencies a “fraud”. Earlier this month, he told Axios that Bitcoin had “no intrinsic value” and that “regulators will regulate it big.”

“If people for tax avoidance, sex trafficking and ransomware are going to be regulated whether you like it or not,” he explained.

Time of the surprised tirade

At least Dimon manages to separate his private opinions from the conduct of his official affairs. Under his leadership, JPMorgan began opening access to around half a dozen cryptocurrency funds in August and allowing financial advisors to invest private bank clients in a cryptocurrency fund. So Dimon stays true to himself, but doesn’t harm his bank’s business.

At best, the timing of the latest criticisms might surprise you. It came at a time when Bitcoin was just a few thousand euros from its all-time high.

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