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

Stock MarketsOct 11, 2021 09:05PM ET
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© Reuters. A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 7, 2021. REUTERS/Edgar Su/Illustration

NEW YORK (Reuters) - Jamie Dimon, JPMorgan Chase & Co (NYSE:JPM) 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.

Stating that his views are different from those of the bank and its board, Dimon said he remains skeptical.

"I personally think that bitcoin is worthless," Dimon said. "I don't think you should smoke cigarettes either."

"Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin - we can't custody it - but we can give them legitimate, as clean as possible access."

Bitcoin trading showed no immediate reaction to Dimon's comments. The cryptocurrency was last up 5% for the day at $57,304.

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

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Comments (28)
Benjamin McIntire
Benjamin McIntire Oct 12, 2021 12:12AM ET
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Big ponzi scheme
William Bailey
William Bailey Oct 11, 2021 11:37PM ET
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Its worth exactly 0 ! Giant game of chicken and trillions will be destroyed in a matter of hours
Rodney Dangerfield
Rodney Dangerfield Oct 11, 2021 11:35PM ET
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I don't know about the rest of you but I can't wait to have this hair fake money I got me a computer all set up I told the bank don't worry I won't be there anymore I don't need their money I got this hair computer money don't ask me how much I got I ain't got no service right now Jim Bob knocked down the only cell tower within 500 miles he said it was the devil and the Internet only comes in on a clear day ... I hate these pop ups you go on youporn one time now these people are doing it all the time on the left side of my screen
Mad Money
Mad Money Oct 11, 2021 11:21PM ET
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JP morgan pays millions in fine each year for breaking regulations lol
theo west
theo west Oct 11, 2021 11:18PM ET
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BTC uses more electricty in a month than all the financial tranactions in the whold world use in a whole year.   BTC adds nothing of value to the current financial system except utopian fantasy, risk, volatility, and gambling gratification.  It is a scheme created from whole cloth, without any underlying value except to criminals. Quit your utopean fantasy about btc, because it will never ever replace Govt. issued money. Gamble with it if you need to, but know that btc is just another casino game, owned by the big boys, myth ready for your consumption. Dont lose your shirt, don't bet the farm.
William Smith
William Smith Oct 11, 2021 10:24PM ET
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Jamie is worried the banking cartels will lose power over everything and everyone.
Rodney Dangerfield
Rodney Dangerfield Oct 11, 2021 10:24PM ET
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yeah that's ridiculous they're not worried about losing power but if you're only money is cryptocurrency all somebody have to do would be flip the power switch.... better hope you can draw you a nice Bitcoin lol
Josh Davis
Josh Davis Oct 11, 2021 10:24PM ET
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Hes referring to decentralized and yes it does threaten banks. Even the fed can make a coin and basically have a crytpo for us as citizens and destroy the bank. He has a valid point
MuraliKrishna Brahmandam
MuraliKrishna Brahmandam Oct 11, 2021 9:33PM ET
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Jamie, they the regulators and lawmakers know Bitcoin is worthless or may be they don't, but they are just as brain … less as Bitcoin is worthless. they don't know how to regulate anything.
MuraliKrishna Brahmandam
MuraliKrishna Brahmandam Oct 11, 2021 9:32PM ET
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they the regulators and lawmakers know Bitcoin is worthless or may be they don't, but they are just as brain … less as Bitcoin is worthless. they don't know how to regulate anything.
Free Will
Free Will Oct 11, 2021 9:29PM ET
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Blockchain is future! BTC is a great example how decentralized value delivery tool can be more effective than the hefty world banking system printing money and cutting a chunk out of each and every financial action we people take. The King is dead, long live the King!
Rodney Dangerfield
Rodney Dangerfield Oct 11, 2021 9:29PM ET
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right because exchanging garbage Fiat money with garbage digital money is the answer lol
Arch Legend
Arch Legend Oct 11, 2021 9:22PM ET
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Burning coal to mine BTC is mostly now banned.
Arch Legend
Arch Legend Oct 11, 2021 9:21PM ET
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Cryptos offer an alternative for those who seek to move currencies other than USD with a lower cost. Any system contains bad people trying to exploit it. Crypto itself does no harm, and its value is definied by the users.
Rodney Dangerfield
Rodney Dangerfield Oct 11, 2021 8:42PM ET
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Jamie I'm poor and stupid and I like NASCAR Go Brandon
theo west
theo west Oct 11, 2021 8:42PM ET
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Dimon is right.  BTC doesn't do anything better than the current banking system except be less secure, more volitable, and burn more electriity.  other than that it's a great gambling machine for the "investor" and the criminal...
Free Will
Free Will Oct 11, 2021 8:42PM ET
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Banks and Financial authorities can't stand the fact there is a decentralized financial tool they can't control, manage and benefit from.With all the electricity Proof of work requires, it still provides significantly cheaper solution for payment transactions and value delivery, than the centralized banking system.
theo west
theo west Oct 11, 2021 8:42PM ET
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Free Will  """" it still provides significantly cheaper solution for payment transactions and value delivery, than the centralized banking system""""  That statement is demonstrably not true. And there is much data to confirm that BTC uses more electricty in a month than all the financial tranactions in the whold world use in a whole year.   BTC adds nothing of value to the current system except utopian fantasy, risk, volatility, and gambling gratification.  It is a scheme created from whole cloth, without any underlying value except to criminals. Quit your utopean fantasy about btc, because it will never ever replace Govt. issued money.
Josh Davis
Josh Davis Oct 11, 2021 8:42PM ET
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theo west the government is literally attempting to make put every citizen on a digital crypto currency as we speak…..
Rambi Zambi
Rambi Zambi Oct 11, 2021 7:36PM ET
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He is *******
Alan Rice
Alan Rice Oct 11, 2021 7:28PM ET
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It's a good idea to know when the tulips are dear.
David David
David9 Oct 11, 2021 7:27PM ET
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I don't known about all the other cryptos, but bitcoin is unstoppable.
Rodney Dangerfield
Rodney Dangerfield Oct 11, 2021 7:27PM ET
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except for when the electricity goes out lol
Pax Mundi
Pax Mundi Oct 11, 2021 7:20PM ET
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The single reason why Jamie doesn't like BTC is because HE cannot control it.
Edward Chong
Edward Chong Oct 11, 2021 7:20PM ET
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haha ah ney your cover picture is cute.
James Pattison
James Pattison Oct 11, 2021 5:01PM ET
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Btc would be worthless if the people decided that… not the fed… thats a main function
James Pattison
James Pattison Oct 11, 2021 5:01PM ET
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Btc has a fully open public ledger… its more traceable than cash… he doesnt understand crypto or how it works
Anthony Crowley
Anthony Crowley Oct 11, 2021 5:01PM ET
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Traceable yes, but also anonymous.  A person can hold a crypto address without revealing anything about their true identity.. A single person can and often will hold multiple addresses, and in theory, there could be nothing to link those addresses together, or to indicate who the ultimate person owning them really is.  This is why the Dimon is making his point.  To prevent money laundering and collect tax on transactions the Treasury will have to match it to an EIN/SSN - which will require regulation.
theo west
theo west Oct 11, 2021 5:01PM ET
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Anthony Crowley Funny how all those BTC thefts and ransoms never seem to recomer the funds, unless the crooks volunteer  ...   what a valuable syste btc is???
James Pattison
James Pattison Oct 11, 2021 5:01PM ET
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Anthony Crowley and the gocernment could sieze any wallet… ask the dread pirate roberts…
James Pattison
James Pattison Oct 11, 2021 5:01PM ET
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This is just not true… you think a eallet has anominity you are totally mistaken
Anthony Crowley
Anthony Crowley Oct 11, 2021 5:01PM ET
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James Pattison  Perhaps pseudonymous is a better word, but if transacted in such a manner as avoiding multi-input transactions the wallet owner can maintain almost complete anonymity. Satoshi (also pseudonym, and an individual who has managed to keep thier own identity hidden) has been credited with this following quote: "As an additional firewall, a new (address) should be used for each transaction to keep them from being linked to a common owner....The risk is that if the owner of a (address) is revealed, linking could reveal other transactions that belonged to the same owner" As such the Treasury who is charged with preventing money laundering and collecting tax will want virtual currencies of all types regulated in order to perform those two tasks.  I know this is not an answer that you'll like but it doesn't mean it doesn't have validity.
James Pattison
James Pattison Oct 11, 2021 4:59PM ET
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He clearly doesnt really understand crypto
James Hilliard
James Hilliard Oct 11, 2021 4:50PM ET
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They hate bitcoin because they can't print it and pass it out among their friends.
James Vaughn
James Vaughn Oct 11, 2021 3:44PM ET
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Cool, now do fiat...Warren Buffet also called bitcoin "rat poison squared" last time bull cycle a few years ago. Insulting and trying to harm investments that were successful without them is not uncommon for people who think that only they should succeed and control wealth.
Benjamin Parker
Benjamin Parker Oct 11, 2021 3:41PM ET
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Warren Buffet also called it "rat poison" last time it went up. Insulting and trying to harm investments that were successful without them is not uncommon for people who think that only they should succeed.
Deringer Deringer
Deringer Oct 11, 2021 3:33PM ET
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Putting money in the hands of ordinary people and giving them spending power is good for the US economy. It will ensure China doesnt steal the top spot
Tom Lemon
Tom Lemon Oct 11, 2021 3:33PM ET
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bitcoin is global. ordinary people are not the ones you should be watching or fearing. maybe a call from one of those call centers in india will wake you up.
Deringer Deringer
Deringer Oct 11, 2021 3:24PM ET
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Translayes as "Got all salty because he shortef it."
 
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