JPMorgan Chief Executive Jamie Dimon on Monday said Bitcoin is “worthless” and that governments will soon regulate digital coins
It’s just his latest attack on the controversial digital currency. He’s previously made countless headlines calling the new technology “a fraud” and “fool’s gold.”
Dimon spoke Monday at an event hosted by the Institute of International Finance.
Despite Dimon’s criticism of Bitcoin, JPMorgan has begun offering clients access to six cryptocurrency products.
Other established institutions including Goldman Sachs and Citigroup have looked to expand their footprint in the space. Goldman allows certain clients to trade crypto through a derivative product and Citigroup is looking to begin trading cryptocurrency through a fund.
Morgan Stanley was the first bank to allow clients access to trade crypto and now it’s even investing its own money in the speculative coin.
But Dimon joins a chorus of business and political leaders slamming the digital currency. Former President Donald Trump lashed out at cryptocurrencies in August — as did hedge fund manager John Paulson who predicted cryptocurrencies will “go to zero.”
Even as prominent figures like Paulson and Trump diss the digital coin, the price of Bitcoin has jumped in recent weeks.
Last month the price of Bitcoin dropped to approximately $40,000 but has been steadily climbing to $57,000 since that point. In the last year alone, the notoriously volatile Bitcoin has jumped from around $10,000 in October to more than $60,000 at one point in April.
Other cryptocurrencies have seen even more dramatic spikes. Dogecoin, which trades at around three cents, has surged as much as 400 percent in a single week.
Crypto prices can easily be influenced by comments and tweets from the likes of Tesla CEO Elon Musk — who at various points has accepted Bitcoin as payment for Teslas.
Billionaire investor Mark Cuban also has a history of moving the price of cryptocurrencies with his tweets: Dogecoin surged after he announced he would accept it as payment for various products he sells as part of his Dallas Mavericks franchise.