Dimon: Eventually Crypto Will Be Regulated By Government Law, Here's Why!

Jamie Dimon, think crypto is worthless. (photo: doc. JPMorgan)

JAKARTA - Jamie Dimon, chief executive of JPMorgan Chase & Co, said Monday, October 11 at a conference that cryptocurrencies will be regulated by the government. But he personally considers bitcoin "worthless."

"No matter what people think, the government will regulate it. They will regulate it for (anti-money laundering) purposes, for (Bank Secrecy Law) purposes, for taxes," Dimon said referring to banking regulations in a conversation held virtually by the Institute of International Finance.

Dimon, the head of the largest US bank and has been a vocal critic of digital currencies, once called it a scam and later said he regretted the statement.

This summer, JPMorgan gave wealth management clients access to cryptocurrency funds, which means the bank's financial advisors can accept buy and sell orders from clients for five cryptocurrency products.

Stating that his views differ from those of the bank and its board, Dimon said he remains skeptical. “I personally think that bitcoin is worthless,” said Dimon. "I don't think you should smoke either," Dimon said in the supposition about crypto.

"Our clients are adults. They don't agree. If they want to have access to buy or sell bitcoins then we can't hold them back but we can give them legal access, as cleanly as possible," Dimon said.

Bitcoin trading showed no immediate reaction to Dimon's comments. Because the last Cryptocurrency price rose 5% for the day to 57,304 US dollars.