JPMorgan CEO believes that Bitcoin has no value
Over the past decade, Bitcoin continues to prove that it is not just a one-hit-wonder. Time and time again, it is able to completely shatter expectations and rise to the occasion. Since starting in 2009, its prices have risen astronomically in just 10 years. In fact, just last year, Bitcoin was able to rise by 164%, which surpassed both gold and S&P 500.
And even if Bitcoin experiences some dips from time to time, it has always risen back up. Despite reaching well over $60,000 in its latest record, it even fell down to as low as $25,000, and is currently working its way upwards. So far, it has reached a little over $47,000 per token.
However, regardless of the incredible statistics that Bitcoin is showing off, various mainstream financial institutes are still not impressed. In fact, they believe that Bitcoin and cryptocurrencies will eventually blow away. They think that it is a common trend right now, but once regulation kicks in, everyone will abandon it. And the CEO of JPMorgan recently reiterated his views on the topic.
In an interview with Axios on Monday, CEO Jamie Dimon dug deeper into his previous comments about Bitcoin and cryptocurrencies. More specifically, he warned investors that Bitcoin and cryptocurrencies like it do not hold any tangible value. Therefore, he believes that in due time, cryptocurrencies will only leave their companies hollow and without their investments.
The interviewer asked Dimon if Bitcoin was the equivalent to Fool’s gold. Of course, the CEO jumped on this question to almost instantly answer the question. He said that it has no intrinsic value and that it will not be sustainable in the long run.
During the interview, he was also asked about regulations in the crypto market. More specifically, he was asked if he believes that the crypto market will be regulated or not. He replied that regulators will most definitely regulate the industry, and there is no other way of going about it. He further clarified that what he is saying has more to do with facts than it has to do with morality.
As the interview continued, the interviewer even talked about the massive compensation package that he received during the pandemic. At its base value, it is about $31 million in its size. But with various other grants and boosts that he had received, his total jumped to a little over $45 million.
As a famous critic of cryptocurrencies and bitcoin especially, he believes that it is a fraud. However, as most of the progress shows us so far, Bitcoin is very much here to stay and it is anything but a fraud.