Jamie Dimon Warns Against Bitcoin: It’s Like Smoking – Not Healthy

From beincrypto By Ann Maria Shibu

Jamie Dimon, CEO of JPMorgan, discussed Bitcoin in an interview with CBS News on January 12, reaffirming his skepticism toward the crypto.

Dimon acknowledged that a form of digital currency will likely emerge in the future, but he remains critical of Bitcoin specifically.

Jamie Dimon Doubles Down on Bitcoin Criticism

Jamie Dimon argued that  Bitcoin has no intrinsic value  and is often used for illegal activities, including money laundering, sex trafficking, and ransomware attacks.

Dimon made it clear that he isn’t opposed to the broader concept of crypto. However, he emphasized his concerns about Bitcoin’s legitimacy and its potential for misuse. 

“We are going to have some kind of digital currency at some point. I’m not against crypto. You know, Bitcoin itself has no intrinsic value. It’s used heavily by sex traffickers, money launderers, ransomware,” Jamie Dimon said in the  interview .

He drew 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 great about Bitcoin. I applaud your ability to wanna 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 been critical  of Bitcoin. He previously  referred to it as a “Ponzi scheme”  and also called it a “ pet rock ” with no real value.

Nevertheless, Dimon has always been a strong  supporter of blockchain technology . He has acknowledged its capability to revolutionize transferring 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 that for 12 years,” Dimon said.

Despite Dimon’s critical stance on Bitcoin, JPMorgan has been involved in the cryptocurrency space. The financial giant currently holds a  substantial position in Bitcoin ETFs , reflecting the firm’s interest in digital assets. JPMorgan’s investments in crypto ETFs suggest that 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 laud 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 has softened his earlier harsh stance  on Bitcoin. Trump also supported Dimon for Treasury Secretary.

“Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his tune a little bit,” Trump said.

However, Dimon’s most recent comments indicate he remains critical of Bitcoin, despite Trump’s suggestion of a shift in his views.