JPMorgan’s Dimon Says Bitcoin ‘Worthless’, Will Be Regulated

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JPMorgan Chase & Co chief Jamie Dimon told a conference on Monday that he personally considers bitcoin is “worthless.”

“No matter what anyone 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.

Dimon, who runs the largest bank in the US, has been vocal in his criticism of the digital currency, even calling it a fraud, but later said he regretted the comment.

JPMorgan gave wealth management customers access to cryptocurrency funds this summer, meaning the bank’s financial advisers can take and sell orders from clients for five cryptocurrency products.

Although Dimon remained skeptical, he stated his views were different from those of the bank and its board.

Bitcoin trading showed no immediate reaction to Dimon’s comments, last trading 5% higher at $57,304.

For more information, you may view the original story from Reuters.

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