During the Institute of International Finance (IIF) Annual Membership meeting on October 11st, JPMorgan CEO Jamie Dimon spoke about Bitcoin with negative criticism. He claims that the largest cryptocurrency is worthless.
Jamie Dimon: Bitcoin is worthless
This is not the first time JPMorgan’s CEO criticized BTC. This time he continued to have the same opinion.
“I personally think Bitcoin is worthless”, he stated.
When it comes to BTC’s scarcity and implying that its total supply of 21 million BTC can be changed, Dimon is outright critical.
“I’ll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don’t know, I’ve always been a skeptic of stuff like that”, JPMorgan CEO added.
Even so, when asked why there is no sympathy for BTC but Dimon allows JPMorgan clients exposure to it, the banking billionaire compared investing in the standard cryptocurrency to the tobacco business.
“I don’t think you should smoke cigarettes either, but our clients are adults.”
Dimon has said this many times before and is repeating it today. Besides personally thinks Bitcoin is worthless, he also reiterated that regulation is coming and that it’s needed.
BTC/USD 1-week chart | Source: TradingView
It’s tough to hate the kind of price action we’ve seen in the last week add you see on the chart above.
Despite criticizing Bitcoin for years, in an interview with Axios, Dimon took aim at Bitcoin, claiming that the benchmark cryptocurrency could see a ten-fold increase in price.
“I think if you borrow money to buy Bitcoin, you’re a fool. That does not mean it can’t go 10 times in price in the next five years.”
He also mentioned that didn’t really care about Bitcoin despite making headlines with his oft-controversial statements about the crypto king for years.
Despite the criticism, the Bitcoin price today managed to hold onto gains above $57,000. This shows that the market is gradually becoming more mature and is no longer affected by FUD sentiment or negative criticism.
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