Jamie Dimon is the chairman and CEO of JPMorgan Chase. remains a skepticThe largest cryptocurrency market by value is bitcoin.

“It has no intrinsic worth.” Dimon: “And regulators are going regulate the h—out of it.” recently told Axios CEO Jim VandeHei.

Dimon claimed that bitcoin would be here long-term. However, “I have always believed it will be made illegal somewhere, such as the United States.” China made it illegal“I think that it is a small amount of fool’s Gold.”

Dimon stated that the government should regulate bitcoin. VandeHei was told by Dimon that they must. VandeHei said that you can’t control everything banks do in moving money, but not what you call money.

Dimon stated, “You could call it security, an asset, or something similar, but if it is being used for tax avoidance, sex traficking, and ransomware it will be regulated,”

Recent years have seen a greater focus by the U.S. government on cryptocurrency market regulation. In September, Biden’s administration declared plans to implement sanctions and actions against the infrastructure used in cryptocurrency ransomware attacks. Wall Street Journal reported

Gary Gensler (chairman of the Securities and Exchange Commission) has repeatedly spoken out about plans to create a set of rules for the industry.

Und some financial experts argueThat well-thought-out regulation would be beneficial in the U.S. “If people want crypto to become more of a mainstream asset, then I think [regulation is]”A necessary first step,” Anjali Jawala, certified financial advisor, certified public accountant, and founder of Fit AdvisorsCNBC Make It.

But, crypto supporters fear that regulation will only make matters worse. That is what the crypto community fears. certain regulatory frameworkThis could thwart crypto innovation in America and encourage business abroad.

Dimon for his part has maintained his anti-crypto outlook. “I’m not a bitcoin supporter,” Dimon said during The Wall Street Journal CEO Council summit in May. I don’t care much about Bitcoin. It is not something I am interested in.”

However, he stated that JPMorgan Chase is interested in clients and doesn’t dictate what to do.

JPMorgan Chase stated that it will continue to offer the service in February 2019. roll out a digital currency called JPM CoinAnd in October 2020, it will become a public company created a new unit for blockchain projects. It started offering its wealth management clients starting in August. access to crypto funds, CNBC reported.

Bitcoin trades at approximately $47,576CoinMarketCap estimates that the market for cryptocurrencies is $896 billion.

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