In a TV interview with Axios published on Monday, JPMorgan CEO Jamie Dimon reaffirmed his previous pessimism of bitcoin, warning investors that the cryptocurrency has no underlying value.
“It’s got no intrinsic value,” said Dimon in response to a question on whether bitcoin was akin to fool’s gold.
When asked if authorities should regulate cryptocurrency, Dimon responded, “Regulators are going to regulate the hell out of it,” adding that this was more of a factual remark than a moral one
“If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not,” he told Axios.
Dimon was also pressed on his $31 million salary, which was increased in July by about $49 million in JPMorgan share options, according to the Financial Times.
“The board decides what I make,” he said. “We have a free market in this country, which everyone should applaud.”
Dimon is a long-time cryptocurrency sceptic who has called bitcoin a “fraud” and a “waste of time.” In September, JPMorgan CEO Jamie Dimon indicated he didn’t mind if bitcoin’s price rose much higher.
“That doesn’t rule out a price increase of tenfold in the next five years,” Dimon told “I recall when beanie babies were going for $2,000 each. We’ve all heard of tulip bulbs.”
Dimon’s harsh statements contrast with increased interest in cryptocurrency by major financial firms, including his own JPMorgan. Insider claimed in July that it would be the first large bank to conduct cryptocurrency trades requested by its wealth-management clients.