Jamie Dimon says bitcoin is ‘a little bit of fool’s gold’

Jamie Dimon says bitcoin is ‘a little bit of fool’s gold’

Jamie Dimon, JPMorgan Chase chairman and CEO, of bitcoin, the largest cryptocurrency by market value. "It's got no intrinsic value. And regulators are going to regulate the h--- out of it," Dimon CEO Jim VandeHei. Dimon said that bitcoin will be around long-term, but "I've always believed it'll be made illegal someplace, like , so I think it's a little bit of fool's gold." Dimon also said that bitcoin should be regulated by the government. "They have to," he told VandeHei. "You can't regulate everything a bank does in terms of moving money and not regulate what you would call money," like cryptocurrency. "You can call it a security or an asset or something like that, but 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," Dimon said. Recently, the U.S. government has had a heightened focus on regulating cryptocurrency markets. In September, the Biden administration announced plans to prepare actions and sanctions against infrastructure that facilitates cryptocurrency ransomware attacks, the . Gary Gensler, chairman of the Securities and Exchange Commission, has also repeatedly mentioned plans  for the industry. And that well-thought-out regulation Â