Bitcoin Close to $58K as JPMorgan's Dimon Calls It 'Worthless'
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Bitcoin (EXANTE: Bitcoin) has grown to $57,500 despite JPMorgan's skepticism. The bank's chairman, Jamie Dimon, called the cryptocurrency a "worthless" asset during an Institute of International Finance event. However, Dimon also noted his personal opinion has nothing to do with the bank's clients interest. This divergence of interest is the reason why JPMorgan will do its best to offer legitimate access to the cryptocurrency market, he added.

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"I personally think that bitcoin is worthless. I do not want to be a spokesperson — I do not care. It makes no difference to me. Our clients are adults. They disagree. That is what makes markets. So, if they want to have access to buy yourself bitcoin, we cannot custody it but we can give them legitimate, as clean as possible, access," Dimon said.

Bitcoin's Surge Driven by Institutional Investors, Says JPMorgan

As of press time, bitcoin is up by 3.16% and is trading at the $57,378 mark. The cryptocurrency's market capitalization is over $1 trillion back again after the cryptocurrency crashed in May this year. Thus, bitcoin is only ~12% from its all time-high.

Earlier this month, the US Securities and Exchange Commission gave the green light to Volt Equity's application to launch an exchange-traded fund (ETF) targeting a basket of stocks of companies "revolutionizing the Bitcoin industry." The instrument will start trading on NYSE Arca under the ticker BTCR in the coming weeks.

Approximately 80% of the assets under management will be made up of shares of organizations that hold bitcoin as a reserve asset or receive most of their revenue from mining, lending or trading involving cryptocurrencies.

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