JPMorgan Chase CEO: Bitcoin will be 'worthless' and government is watching

JPMorgan Chase (JPM.US) CEO Dimon pointed out at the International Finance Association's virtual annual meeting on Monday that cryptocurrencies would be regulated by the government and personally believed Bitcoin to be "worthless." "No matter what others think, the government will look after him and take care of him for the protection of the financial system, banking secrecy and taxation," he said.

This summer, JPMorgan Chase launched a high-value consumer cryptocurrency fund, which means the bank's financial advisor can take orders from consumers to buy and sell five crypto products.

Dimon said his views differed from those of the bank and its board and remained skeptical. Daimon says "Personally, I don't think Bitcoin is worth it., I also think people should quit smoking. Our clients are seniors. They disagree (think Bitcoin is worthless). If they want to buy or sell bitcoin, we can't keep it, but we can give them legal advice. "

Bitcoin rose more than 5% on Monday and was worth around $ 57,500 per coin. Bitcoin Concept Price Up, Marathon Patent (MARA.US) Up Over 8%, Canaan Technology (CAN.US) Up 7%, Ninth City (NCTY.US) Up Over 6%, Bit Digital (BTBT. US) Increase of 4% Exceptionally, SOS (SOS.US) increased by 0.94%.

At the same meeting, Dimon also said that the global supply chain shortage caused by the new disease had affected the growth of the industry, but the problem would be temporary. “It won't be a problem next year,” he said. "I think the market will adapt like a business."

Although some pundits believe the channel's troubles will continue until 2023, Dimon is more optimistic. He believes the market will grow in the next few years, part of the energy consumer. “Consumers are buying something else. If they can't afford a car, they will buy it. If they can't afford it, they will stay home. 20% more consumers than before the epidemic, ”said Dimon.

Dimon said the impact of the recession could continue beyond the industry's recovery time. He also said the company was successful and could stay at the same level for a long time.