JPMorgan's Dimon blasts bitcoin as 'worthless', due for regulation

[TexasTowelie]

NEW YORK, Oct 11 (Reuters) - Jamie Dimon, JPMorgan Chase & Co (JPM.N) chief executive, said on Monday at a conference that cryptocurrencies will be regulated by governments and that he personally thinks bitcoin is "worthless."

"No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax," Dimon said, referring to banking regulations in a conversation held virtually by the Institute of International Finance.

Dimon, head of the largest U.S. bank, has been a vocal critic of the digital currency, once calling it a fraud and then later saying he regretted the statement.

This summer, JPMorgan gave wealth management clients access to cryptocurrency funds, meaning the bank's financial advisers can accept buy and sell orders from clients for five cryptocurrency products.

Read more: https://www.reuters.com/business/jpmorgans-dimon-blasts-bitcoin-worthless-due-regulation-2021-10-11/

[JohnSJ]

1. They are worthless because it isn't backed by anything. The dollar is backed the full faith of the

United States.

BitCoin is just another tulip crash waiting to happen


https://www.investopedia.com/terms/d/dutch_tulip_bulb_market_bubble.asp

[ColinC]

2. Until you can no longer easily exchange it for something that is valuable (ie the US Dollar), then

it is actually worth something despite whether or not somebody else would pay for it.