ONE OF THE best dogs on Wall Street has taken aim at Bitcoin – despite soaring digital currency prices.
According to CNBC, JPMorgan Chase boss and outspoken crypto critic Jamie Dimon called Bitcoin “worthless” at an event on Monday.
The investment banking giant told a virtual audience on a video call that it sees no future for the nascent crypto market.
“Personally, I think bitcoin is worthless,” Dimon said at the Institute of International Finance event.
The 65-year-old added that while he was skeptical of cryptocurrencies, JPMorgan’s clients were still free to invest in them.
“I don’t want to be a spokesperson – I don’t care. It doesn’t make any difference to me,” he said.
“Our clients are adults. They do not agree. This is what makes the markets.
“So if they want to have access to buy bitcoin from you, we can’t keep it, but we can give them legitimate access, as clean as possible.”
Bitcoin is currently going through a golden period after a difficult spring. The value of the cryptocurrency peaked at £ 47,000 in April before falling sharply.
However, it has steadily climbed since then, currently hovering around the £ 41,000 mark – near an all-time high.
Dimon has attacked cryptocurrencies in the past.
Recently, he told Axios CEO Jim VandeHei that bitcoin has “no intrinsic value.”
And although he thinks bitcoin will be in the long run, “I always thought it would become illegal somewhere, as China made it illegal, so I think that’s a bit of the or fools. “
Dimon also told VandeHei that he believed that “the regulators are going to regulate all of this.”
It’s been a tough week for Bitcoin.
Last week, the Biden administration unveiled sanctions against a cryptocurrency exchange for its alleged role in activating illegal payments from ransomware attacks.
The Treasury Department accused Suex of facilitating transactions involving illicit products for at least eight ransomware variants.
This is the first such move against a virtual currency exchange on ransomware activity.
“Exchanges like Suex are critical to the ability of attackers to profit from ransomware attackers,” Deputy Treasury Secretary Wally Adeyemo said.
The action “is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks.”
This came after President Biden announced that the United States would bring together 30 countries to end “the illicit use of cryptocurrency.”
He is not the only US president to criticize the currency.
Earlier this year, former President Donald Trump called Bitcoin a “dollar scam.”
Speaking to Fox Business in June, he expressed concern that the cryptocurrency is threatening the value of the US dollar.
“Bitcoin looks like a scam,” Mr. Trump said. “I don’t like it because it’s another currency that competes with the dollar.”
In other news, President Joe Biden is considering appointing a cryptocurrency bully to manage Bitcoin and its rivals.
Crypto investors were sent in panic last month after a data provider showed a 90% drop in Bitcoin’s value.
The price of Bitcoin skyrocketed in July following claims that Amazon may start accepting cryptocurrency as a form of payment by the end of the year.
And, nine apps had to be removed from the Google Play Store after being caught stealing Facebook passwords.
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