Jamie DimonCEO of JP Morgan, spoke about Bitcoin in an interview with CBS News this weekend and reaffirmed his skepticism towards cryptocurrency. Dimon acknowledged that a form of digital currency will likely emerge in the future, but remains critical of Bitcoin specifically.
Dimon argued that Bitcoin has no intrinsic value and is frequently used for illegal activitiessuch as money laundering, human trafficking, and ransomware attacks. He clarified that he is not against the broader concept of cryptocurrencies, but highlighted his concerns about the legitimacy of Bitcoin and its potential for misuse.
“At some point we’re going to have some kind of digital currency. I’m not against cryptocurrencies. You know, Bitcoin itself has no intrinsic value. It’s largely used by human traffickers, money launderers, ransomware,” Dimon said in the interview.
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He made a comparison to smoking, stating that while people have the right to buy and sell Bitcoin, he does not believe it is a healthy investment or behavior. “I just don’t feel good about Bitcoin. 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.“Dimon added.
This is not the first time Jamie Dimon has criticized Bitcoin. He previously called it a “Ponzi scheme” and also called it a “pet rock” with no real value. However, Dimon has always been a strong advocate of blockchain technology. It has recognized its ability to revolutionize the transfer of money and data, emphasizing its efficiency and potential applications.
“Blockchain is real. It’s a technology. We use it. It’s going to move money. It’s going to move data. It’s efficient. We’ve been talking about it for 12 years,” Dimon said.
Despite its critical stance on Bitcoin, JP Morgan has been involved in the cryptocurrency space. The financial giant currently maintains a substantial position in Bitcoin ETFs, reflecting the firm’s interest in digital assets. JP Morgan’s investments in crypto ETFs suggest the bank recognizes the potential of digital assets.
Dimon’s comments reflect a broader debate within traditional finance about the legitimacy and risks associated with cryptocurrencies. While some praise Bitcoin, others, like Dimon, continue to question its long-term value and potential for misuse.
Interestingly, Donald Trump suggested in July last year that Jamie Dimon had softened his previous critical stance on Bitcoin. Trump also endorsed Dimon for Treasury Secretary. “Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his tone a little bit,” Trump said.
However, Dimon’s most recent comments indicate that he remains critical of Bitcoin, despite Trump’s suggestion of a change in his views.
Source: Ambito
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