JP Morgan’s Jamie Dimon claims ‘Bitcoin itself has no intrinsic value’

Dimon said that he is "not against crypto," but "Bitcoin itself has no intrinsic value. It's used heavily by sex traffickers, money launderers, ransomware. So I just don’t feel great about Bitcoin."

He added, "I applaud your ability to want to buy or sell it, just like I think you have the right to smoke, but I don’t think you should smoke."

In his keynote address to the Bitcoin Conference in Nashville over the summer, President-elect Donald Trump vowed to make the US the "crypto capital of the planet and the Bitcoin superpower of the world." He said he believes Bitcoin "stands for freedom, sovereignty, and independence from government coercion and control."

Trump was also the first major party candidate to accept cryptocurrency donations. In the two months following the announcement, his campaign had raised over $4 million in cryptocurrency.

In the wake of Trump’s November victory, Bitcoin reached a record high of $106,000 in December. On Monday the price fell to just under $92,000, per Quartz.

Trump has appointed tech entrepreneur David Sacks as White House AI & Crypto Czar, a role in which Sacks will "guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness." In the role, Sacks will "work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S. David will also lead the Presidential Council of Advisors for Science and Technology."