News - JPMorgan Chief: "Bitcoin Has No Intrinsic Value"

By Mike Hesp

JPMorgan Chief: "Bitcoin Has No Intrinsic Value"

Jamie Dimon, CEO of JPMorgan Chase, is known as an ardent critic of Bitcoin. His stance does not seem to have changed even after the success of Bitcoin ETFs, which have reached a market value of $100 billion.

In a recent interview with CBS Dimon reiterated his previous statements about Bitcoin, stating that the cryptocurrency has "no intrinsic value." He further expressed concerns about Bitcoin's use in unethical activities such as human trafficking, money laundering and ransomware attacks, making him feel uneasy about the digital currency.

These statements echo Dimon's previous critical comments about Bitcoin, in which he called the cryptocurrency a "fraud" among other things and speculated that the mysterious Bitcoin creator "Satoshi" could eventually "erase all BTC." He also suggested that the government should shut down the crypto sector.

Ironically, JPMorgan itself is active in the blockchain sector. Like many other large U.S. banks, JPMorgan invested in Bitcoin ETFs last year. In addition, the bank has its own blockchain network, originally called Onyx and now known as Kinexys Liink.

Analysts at Dimon's own bank speak of a "new era" for crypto, especially after Donald Trump's election victory, and are convinced that with the right support crypto can become a "more secure, transparent and productive industry."

Many crypto experts suspect that Dimon's continued criticism of crypto is part of a sophisticated strategy. "If crypto is eventually banned, he wins. If crypto succeeds, he also wins, because he has made the necessary preparations," said Philipp Pieper, co-founder of Swarm.

Download the Anycoin App

Finally, a crypto app for everyone!

Check it out