JPMorgan CEO Continues to Think Bitcoin is Worthless

by in Cryptocurrency News

JPMorgan CEO Bitcoin

CEO of New York-based international investment bank JPMorgan Chase Co, Jamie Dimon says in his personal opinion Bitcoin is worthless although the bank's customers think differently.

Related: JP Morgan Says Institutions Prefer Bitcoin to Gold

The executive shared his views during an Institute of International Finance event on Oct. 11. At the same time, he said he doesn't want to be a spokesperson. Dimon noted if clients want to purchase BTC, the bank can't custody that, but gives legitimate exposure.

Dimon says he also finds that smoking is bad, but people want cigarettes and the demand is what makes markets. In July, JPMorgan started offering wealth managers access to crypto funds.

Joseph Young, a crypto and blockchain analyst noted on Twitter, there is no Bitcoin bull run without Jamie Dimon saying the coin is not worthy. Previously, JP Morgan CEO said several times that BTC has no future. Meanwhile, Bitcoin's price hit a 5-month high, breaking above $57.500. The coin's market cap stands at above $1 trillion.