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George Spencer

October 4, 2021

JP Morgan’s CEO Calls For Global Bitcoin Regulation

Bitcoin has once again come under attack from Jamie Dimon, chairman and CEO of American multinational investment bank JPMorgan Chase. 

Speaking in an interview with Axios CEO Jim Vandehei, Dimon, who reiterated that Bitcoin (BTC) has no intrinsic value, said the asset is a fool’s gold, adding that the cryptocurrency will be regulated. 

According to the JPMorgan Chase’s chairman, Bitcoin will have to be regulated since it is already being considered as money. 

They [governments] have to [regulate Bitcoin]. You can’t regulate everything a bank does in terms of moving money and not regulate what you would call money [cryptocurrencies].

In addition, Dimon stated that Bitcoin will be regulated because the asset class has been widely used by malefactors to conduct various illicit transactions in recent times, including sex trafficking, money laundering, as well as ransomware attacks. 

Dimon added that even though Bitcoin will stand the test of time, he has always expected the cryptocurrency to be restricted and banned in certain jurisdictions, referring to China’s ban of crypto-related activities last month. 

Debate Over Cryptocurrency Regulation

Several cryptocurrency experts have weighed into the debate on whether cryptocurrencies should be regulated. While many believe regulating cryptocurrencies could pave the way for more mainstream adoption, others fear the regulation could be at the detriment of the assets’ growth. 

Last month, the U.S. government increased its focus on regulating the crypto market in a bid to protect investors’ from fraudulent activities in the crypto space. U.S. authorities via the Treasury Department sanctioned a Russian-based cryptocurrency exchange that helped ransomware attackers launder funds. 

Also Read:  The SEC Rejects Another Bitcoin ETF Application

Dimon’s Unfavorable Stance Against Bitcoin

Dimon has always been vocal about his dislike for the leading virtual currency, even though his company has been reportedly working on offering Bitcoin products to wealthy clients.  The top official at JPMorgan Chase recently referred to investors who borrow money to invest in digital currency fools because the cryptocurrency has no intrinsic value. 

“I think if you borrow money to buy bitcoin, you’re a fool,” Dimon said last week in an interview with the Times of India. 

While Dimon noted that he does not care about Bitcoin’s performance, he said that people are wasting too much time and breath on the popular cryptocurrency, adding that he “I don’t really care about bitcoin […] I am not a buyer of bitcoin.”