JPMorgan CEO Maintains Bitcoin Has No Intrinsic Value
Despite his previous declaration to stop discussing Bitcoin, JPMorgan Chase CEO Jamie Dimon has once again criticized the cryptocurrency.
Bitcoin Has No Intrinsic Value, Says JPMorgan CEO
Jamie Dimon, long known for his vocal opposition to Bitcoin, has reiterated his negative stance on the cryptocurrency. While expressing openness to cryptocurrencies in general, Dimon remains firmly against Bitcoin in particular.
In a January 12 interview with CBS News, Dimon likened Bitcoin to smoking. He acknowledged that people have the freedom to trade Bitcoin but argued they shouldn’t hold it, comparing it to having the right to smoke but choosing not to.
“JPMorgan Chase CEO Jamie Dimon is ‘cautiously pessimistic’ about the economy and opens up about helping low-income Americans, calling Bitcoin a Ponzi scheme, and his recent near-death experience.”
— CBS Sunday Morning 🌞 (@CBSSunday) January 12, 2025
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Unlike Larry Fink, CEO of BlackRock, who has completely reversed his stance on Bitcoin, Dimon still asserts that Bitcoin has no intrinsic value. He labels it a “Ponzi scheme,” allegedly used for illicit activities like money laundering, human trafficking, and ransomware attacks, echoing his earlier comments on Bitcoin.
Facts Challenge Dimon’s Claims
However, Dimon’s claims contrast with a report by Crypto ISAC, which found that only 0.34% of crypto transaction volume is tied to illicit activities. Cash remains the preferred medium for such activities due to its anonymity and stability. The U.S. Treasury has also confirmed that cash is the most common tool for money laundering.
Dimon’s History of Bitcoin Criticism
Dimon’s disdain for Bitcoin dates back to 2014 when he dismissed it as a “terrible store of value” and suggested it could be easily replicated without government approval. He once threatened to fire JPMorgan employees who traded Bitcoin.
In July 2024, Dimon was rumored to be a potential Treasury Secretary candidate under former President Donald Trump if he were re-elected. This possibility alarmed crypto traders, fearing Dimon’s extreme views could negatively impact the U.S. crypto market.
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A Contradictory Stance on Blockchain
In March 2024, Dimon softened slightly, acknowledging individuals’ right to purchase Bitcoin while maintaining that it is not a reliable investment. Interestingly, he has praised blockchain technology, revealing a contradiction between his personal views and JPMorgan’s business strategy.
Under Dimon’s leadership, JPMorgan has benefited from Bitcoin-related ventures. The bank is an authorized participant in BlackRock’s iShares Bitcoin Trust, a spot Bitcoin ETF. Additionally, JPMorgan recently rebranded its blockchain platform from Onyx to Kinexys to focus on real-world asset tokenization (RWA).
According to Umar Farooq, JPMorgan’s co-head of payments, Kinexys aims to overcome the limitations of current financial infrastructure, including RWA. The platform is expected to launch online foreign exchange capabilities in Q1 2025.
The Market Awaits Regulatory Clarity
Dimon’s latest comments come just before Donald Trump’s inauguration as U.S. President. The Trump administration has pledged to create a more crypto-friendly regulatory environment, a promise that has the entire market eagerly anticipating what’s to come.
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Source: Godex.ai Compilation
