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Jamie Dimon says bitcoin is 'worthless'

Yahoo Finance's Jennifer Schonberger joins the Yahoo Finance Live panel to discuss Bloomberg reporting Jamie Dimon's latest comments on crypto.

Video Transcript

AKIKO FUJITA: Welcome back to Yahoo Finance Live. We are seeing Bitcoin moving higher right now, still below that $60,000 handle, though. JPMorgan CEO Jamie Dimon, though, not bullish. No surprise here. Yahoo Finance's Jennifer Schonberger here with the very latest comments from Dimon. Worthless? Is that what it comes down to?

JENNIFER SCHONBERGER: Hey, good afternoon. Yeah, that's right. CEO of JPMorgan Jamie Dimon speaking out this afternoon at the Institute of International Finance, saying, again, that he thinks that crypto is, quote unquote, "worthless." Though he does believe in the underlying technology of blockchain, and he says that stablecoin is real, he says the government is going to regulate crypto.

Of course, we know that. Dimon, a longtime critic of crypto, trashing Bitcoin as a fraud in the past, saying it has no intrinsic value, but also speaking this afternoon at the conference with Citigroup's chairman, John Dugan, who says that he thinks it would be "appropriate," quote, for banks to hold higher capital requirements against crypto assets on their balance sheets.

Of course, these comments coming ahead of new regulatory proposals that are expected in Washington later this month from the Treasury. We know that they are considering regulating stablecoins as money market funds or using traditional bank regulations. In speaking with the head of the OCC recently last month, he told me that capital requirements are indeed on the table. It's just a question of how high. So we'll continue to watch this space. Akiko.

AKIKO FUJITA: OK. Jamie Dimon always knows how to make headlines when you're talking about it. But Jennifer, appreciate you bringing that story for us.