Bitcoin is a “fool’s gold” and has no value, JPMorgan CEO Jamie Dimon says

In a recent interview with Axios, JPMorgan Chief Executive Officer Jamie Dimon repeated his previous pessimism about bitcoin.

Dimon remarked that Bitcoin has no underlying value when asked if it is the “fool’s gold” of the future.

“It has no fundamental worth,” Dimon told Axios CEO Jim VandeHei. “Regulators are going to regulate the hell out of it.”

Because of his financial privileges, Dimon is rather ignorant to the realities of billions of people who live outside of his paradise bubble, Bitcoin Magazine said.

He won’t have to worry about his money being halved overnight, nor will he have to deal with repeated bouts of hyperinflation that eat away at his purchasing power.

Dimon also has not experienced life without access to the financial system and is accustomed to a level of independence that many people lack, according to BM.

‘Fool’s gold?’

Bitcoin will be there for a long time, according to Dimon, but “I’ve always felt it’ll be rendered illegal somewhere, as China did, so I think it’s a little bit of fool’s gold.”

In addition, Dimon believes that bitcoin should be controlled by the government. He told VandeHei: “They have to… you can’t control everything a bank does in terms of transferring money while ignoring what you’d label money, such as cryptocurrencies.”

According to the Financial Times, Dimon was also questioned about his $31 million remuneration package, which was increased in July by roughly $49 million in JPMorgan stock options.

Ironic and interesting

“What I create is decided by the board,” he explained. “In this nation, we have a free market, which… everyone should appreciate.”

Dimon has long been a crypto skeptic, calling bitcoin a “fraud” and a waste of time. In September, he indicated he didn’t mind if bitcoin’s price rose much higher.

In contrast to Dimon’s negative statements, conventional financial firms, including his own JPMorgan, are increasingly interested in crypto.

Market Insider revealed in July that JPMorgan will be the first major bank to carry out cryptocurrency trades requested by its wealth-management clients.

 

Image courtesy of Cointelegraph News/YouTube

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