JPMorgan’s Dimon blasts bitcoin as ‘worthless’, due for regulation

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NEW YORK, Oct 11 (Businesshala) – JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said at a conference Monday that cryptocurrencies will be regulated by governments and that he personally thinks bitcoin is “useless.”

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“No matter what one thinks about it, the 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 in a conversation organized by the International Finance Institute virtually, referring to banking regulations.

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Dimon, the head of the largest US bank, has been an outspoken critic of the digital currency, once calling it here a fraud and then later saying he regretted the statement.

This summer, JPMorgan gave wealth management customers access to cryptocurrency funds, meaning the bank’s financial advisors can accept buy and sell orders from customers for up to five cryptocurrency products.

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Stating that his views differ from those of the bank and its board, Dimon said he was skeptical.

“I personally think bitcoin is worthless,” Dimon said. “I don’t think you should even smoke a cigarette.”

“Our customers are adults. They disagree. If they want access to buy or sell bitcoin – we can’t keep it in custody – but we can give them legitimate, as clean access as possible.”

Bitcoin Trading did not immediately react to Dimon’s comments. The cryptocurrency was up 5% for the day at $57,304.

Reporting by Elizabeth Dilts Marshall and David Henry; Editing by Steve Orlofsky

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