JP Morgan CEO Jamie Dimon Talks Down Bitcoin

Jamie Dimon, CEO of American banking giant JP Morgan, made headlines again when he referred to BTC as “worthless.” He made this statement while speaking at the virtually-held Institute of International Finance (IIF) annual membership meeting. Dimon, who has a long-documented history of being a popular crypto cynic, further stated that regulation will end its existence. He also suggested that Bitcoin’s supply cap of 21 million will not stand the test of time. Dimon added that the projected figure may not even be true in reality as he is yet to verify for himself.  The bank’s CEO doubled down on his assertion despite the fact that Bitcoin is on a five-month rally. Market observers are projecting that the cryptocurrency would hit $100,000 in the fourth quarter.

JP Morgan currently has a service that offers Bitcoin investments to its most esteemed clientele. However, he maintains that the decision to do so was out of necessity and not preference. He said there was a significant demand for crypto investments and his company was under obligation to provide it – albeit safely.

Dimon’s latest comments on Bitcoin seems to be aggravating the Twitter community of key crypto market devotees. Also, their reactions seemed to range, from a surprising vote of confidence in Dimon to straight up debunking of his comments. For instance, Jack Dorsey suggested that Dimon is instrumental to BTC development. Meanwhile, Coinbase CEO Brian Armstrong suggested that further insight into how BTC works rendered Dimon’s comments moot.

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