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AmericaThe CEO of J.P. Morgan: Bitcoin is useless

The CEO of J.P. Morgan: Bitcoin is useless

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This summer J.P. Morgan gave its customers access to cryptocurrency funds

The CEO of J.P. Morgan Chase & Co Jamie Dimon told a conference on Monday that cryptocurrencies would be regulated by governments and that he personally thought bitcoin was “useless”.

“No matter what anyone thinks about it, governments will regulate cryptocurrencies for purposes such as the fight against money laundering, banking secrecy laws and taxes,” Dimon said, referring to banking regulations in a discussion hosted by the Institute of International Finance.

Dimon, head of America’s largest bank, has been a critic of digital currencies, once calling them a “fraud” and later saying he regretted the statement.

This summer J.P. Morgan has given its customers access to cryptocurrency funds, which means that the bank’s financial advisers can accept purchase and sale orders from customers for five cryptocurrency products.

Saying that his views were different from those of the bank and its board, Dimon was adamant that he remained skeptical.

“I personally think bitcoin is useless, but I also don’t think cigarettes should be smoked,” he said.

The bitcoin trade did not respond immediately to Dimon’s comments. The cryptocurrency rose 5% for the day to $ 57,304.

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