Jamie Dimon, Chairman and CEO of JP Morgan which is one of the largest banks in the United States, is one of the leaders of the business world that is skeptical of cryptocurrencies, especially Bitcoin. He also mentioned his weakness.
"Bitcoin has no intrinsic value. And the regulators are going to be really, really hard on it," he said more or less.
He admits Bitcoin will still exist in the long term. But some countries may later categorize it as something illegal.
"I always believed that Bitcoin would be made illegal in some places, just as China has made it illegal," he explained.
Jamie added that Bitcoin should be regulated by the government. Moreover, there are some parties who use Bitcoin to commit criminal acts.
"You can call it an asset or something like that, but if people use it to evade taxes or the sex trade or ransomware, then it gets regulated, whether you like it or not," he argues.
He has long expressed his distaste for Bitcoin. "I'm not a Bitcoin supporter. I don't care about Bitcoin. I have no interest in Bitcoin," he said some time ago.
Of course, many also support Bitcoin as the future of finance. One of the most vocal Bitcoin proponents for example is the founder of Twitter, Jack Dorsey. Recently after being introduced 4 months ago, Twitter expanded the Tip Jar feature in its application. It is now available globally, and allows users to receive and send tips in Bitcoin.
With the update, Twitter users around the world will have access to tips, which will allow users to send money to each other via apps like Venmo, Cash App, or Bandcamp, GoFundMe and PicPay.
