Bitcoin price LIVE: After a 30% spike, the ‘worthless’ coin is facing a severe crackdown, according to JPMorgan.

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BITCOIN is worthless and government regulation is coming for cryptocurrencies, CEO of JPMorgan Chase has warned.

Jamie Dimon, JPMorgan Chase Chairman and CEO said on Monday that he believes Bitcoin is “worthless” despite the crypto asset surging by 30 percent in the month of October. Speaking at an event organised by the Institute of International Finance, he added: “I’ve always been a sceptic of stuff like that.” Mr Dimon went on to stress that regulation of the cryptocurrency sector by the United States government was both imminent and necessary.

At the end of September, Tesla CEO Elon Musk warned the government not to interfere with cryptocurrency or risk slowing down its advancement.

The JPMorgan CEO’s comments come as Bitcoin reaches its highest level since May.

The cryptocurrency gained more than 3 percent Monday to reach $57,597.60, according to Coin Metrics.

An increase of another 12 percent would take it back to its all-time high of around $65,000.

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by an unknown person (or possibly group of people) using the alias Satoshi Nakamoto.

It was launched soon after, in January 2009.

Bitcoin is a peer-to-peer online currency and was the first-ever cryptocurrency to come into actual use.

All transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them.

According to Nakamoto’s own words, Bitcoin was created to allow “online payments to be sent directly from one party to another without going through a financial institution.”

The price of Bitcoin now stands at $57,437.51.

Bitcoin is up 4.24 percent in the last 24 hours.

It has a circulating supply of 18,840,868 BTC coins and a maximum supply of 21,000,000 BTC coins.

Bitcoin has gained more than three percent Monday to reach $57,597.60 – the highest level since early May.

A rise of another 12 percent would return the coin to its all-time high of about $65,000.

The cryptocurrency is now 31 percent up for the month and a staggering 98 percent up for the year.

Some are speculating this rally could see the next all-time high, though this would likely be followed by a correction.

Bitcoin is worthless and government regulation is closing in on cryptocurrencies, according to the CEO of JPMorgan Chase.

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