--- title: "As Its Price Spikes, JPMorgan CEO Says Bitcoin Is “Worthless”" description: "JPMorgan Chase CEO and outspoken crypto-critic Jamie Dimon said that he has no hopes in cryptocurrencies, calling Bitcoin \"worthless\" on Monday." date: "2021-10-12" modified: "2021-10-12" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/price-spikes-jpmorgan-ceo-bitcoin-worthless" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "bitcoin" - "cryptocurrencies" - "jpmorgan" - "the digest" - "wall street" --- # As Its Price Spikes, JPMorgan CEO Says Bitcoin Is “Worthless” ![JPMorgan Chase CEO and outspoken crypto-critic Jamie Dimon said that he has no hopes in cryptocurrencies, calling Bitcoin "worthless" on Monday.]() *\Image: Getty / Futurism\* ## Worthless While Wall Street has increasingly [started to embrace]() cryptocurrency, some executives of the biggest financial firms are still staunchly against the idea. Case in point, JPMorgan Chase CEO and outspoken crypto-critic Jamie Dimon said this week that he has no hope for the tech. "I personally think that bitcoin is worthless," Dimon said during an Institute of International Finance event on Monday, as [quoted by *CNBC*](). The comments come after Bitcoin's value soared this month, nearing all-time highs. Bitcoin was trading above $57,000 today, only roughly $7,700 below its April record, [*Bloomberg* reports]() — which makes the timing of Dimon's latest tirade even more striking. ## Bullish While according to *Bloomberg* cryptocurrency exchanges are predictably excited about Bitcoin's recent run, Dimon isn't swayed. "I don’t want to be a spokesperson — I don’t care. It makes no difference to me," he said on Monday. "Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access." Dimon's views don't necessarily reflect wider industry trends, or even the state of play at his own firm. Under his leadership, JPMorgan started [opening access to about half a dozen cryptocurrency funds]() in August, allowing financial advisors to place private bank clients into a crypto fund. ## Tough Love Dimon has long antagonized the cryptocurrency space. In 2017, he called cryptocurrencies [a "fraud]()." Earlier this month, he [told *Axios*]() that Bitcoin has "no intrinsic value" and that "regulators are going to regulate the hell out of it." "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 said. That prediction may end up being true. Just last week, [news emerged]() that the Biden administration is considering issuing an executive order to force federal agencies to offer recommendations regarding crypto, including increased financial regulation and national security. **READ MORE:** [Jamie Dimon says bitcoin is ‘worthless’]() \[*CNBC*\] **More on Bitcoin:** *[Biden Secretly Considering First-Ever White House “Crypto Czar”]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()