Wall Street's crypto critic strikes again
Worthless
Although Wall Street is increasingly accepting cryptocurrency, executives at the largest financial institutions remain staunchly opposed to the idea.
Jamie Dimon, CEO of JPMorgan Chase and outspoken crypto-critic Jamie Dimon, said this week that he doesn't see any hope for the technology.
Dimon stated that bitcoin is not worth anything during an Institute of International Finance event Monday. CNBC quotes Dimon.
These comments were made after Bitcoins value reached all-time highs this month. Bloomberg reports that Bitcoin traded above $57,000 today. This is only $7,700 less than its April record.
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Bullish
Bloomberg reports that cryptocurrency exchanges are excited about Bitcoin's recent run but Dimon isn't.
I don't want to be a spokesperson for something I don't care. He said Monday that it didn't matter to him. They are adults. They differ. This is what makes markets. If they wish to be able to purchase bitcoins, we cannot custody them but we can provide them with legal, as clean access as possible.
Dimons views don't necessarily reflect industry trends or the state of play at JPMorgan. JPMorgan opened access to approximately half a dozen crypto funds under his leadership in August. This allowed financial advisors to put private bank clients into a crypto-fund.
Tough love
Dimon has been an antagonist of the cryptocurrency industry for years. Dimon has long been an antagonist of the cryptocurrency space. In 2017, he said that Bitcoin had no intrinsic value and that regulators would regulate it.
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He said that if people use it for tax avoidance, sex trafficking, and ransomware it will be regulated.
This prediction could come true. Last week, it was reported that the Biden administration may issue an executive order that would force federal agencies to make recommendations about crypto, including increased financial regulation, national security, and other matters.
READ MORE: Jamie Dimon claims bitcoin is worthless [CNBC]
More on Bitcoin: Biden secretly considering first-ever White House Cryptoczar
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