JPMorgan CEO: I Will Never Buy Bitcoin, But Support Others’ Right to Do So

JPMorgan CEO Jamie Dimon has urged the Fed to delay rate cuts until June and shared his views on the leading cryptocurrency. This was reported by CNBC citing the businessman’s speech at the Australian Financial Review summit.

“I don’t know what Bitcoin is for, but just like the right to smoke a cigarette, I support your right to buy Bitcoin. But personally, I will never buy it,” he noted. 

Dimon added that many practical applications of digital assets are linked to illegal activities, including human trafficking, fraud, and terrorism.

In his view, the US economy is performing so well that it can be described as “almost like a boom,” yet he cautioned against markets widely embracing the idea of a soft landing. The JPMorgan CEO estimated the likelihood of a recession at about 65% and did not rule out the possibility of stagflation.

The rise in debt and equity markets since the end of 2023 has shown characteristics reminiscent of a bubble, Dimon emphasized. He attributed its emergence to “the legacy of fiscal and monetary stimuli from the pandemic era that are still in the system.” 

The head of JPMorgan stressed that the US central bank needs to bolster its authority in combating inflation, though the regulator’s actions largely depend on macroeconomic data. 

Dimon also shared his thoughts on artificial intelligence, noting that his company employs “two thousand people working on 400 use cases of the technology.” In his daily life, he uses AI to summarize books he doesn’t have time to read.

Back in December 2023, the JPMorgan CEO urged the US government to “shut down” cryptocurrencies during a meeting with lawmakers.

In February 2024, ARK Invest founder Cathie Wood and Ripple CEO Brad Garlinghouse debated with Dimon on blockchain technologies.