JPMorgan CEO Jamie Dimon has once again criticized digital assets, dismissing the first cryptocurrency as useless.
“There are cryptocurrencies that do something, that might have value. And then there’s one that does nothing, I call it pet rock. The #Bitcoin, or something like that,” says @JPMorgan CEO Jamie Dimon. “It has some use cases. Everything else is people trading among themselves.” pic.twitter.com/EnUBuIEHkI
— Squawk Box (@SquawkCNBC) January 17, 2024
“There are cryptocurrencies that do something and have value. And there are cryptocurrencies that do nothing, I call them ‘pet rocks’. That’s bitcoin and other similar assets,” he stated.
Dimon noted that while he does not wish to restrict others from using the first cryptocurrency, he personally advised “not to get involved.”
In his view, the only uses for bitcoin are “money laundering, fraud, human trafficking, and tax evasion.” However, he expressed support for projects involved in the tokenization of real assets.
When asked about the involvement of financial giants like Fidelity and BlackRock in bitcoin trading through spot ETFs, the JPMorgan chief responded that he “doesn’t care.” Previously, BlackRock identified the company as one of the “authorized participants” of its iShares Bitcoin ETF (IBIT).
Following his conversation with journalists, Dimon promised never to discuss bitcoin on live broadcasts again.
The CEO of JPMorgan has always been a staunch opponent of digital assets. In October 2021, he declared that bitcoin “is worthless,” acknowledging the unpopularity of his opinion. He later described cryptocurrencies as “decentralized Ponzi schemes.”
In January 2023, Dimon questioned the 21 million coin limit on bitcoin’s issuance.
Back in December, the top executive, during a meeting with US lawmakers, called for the implementation of stringent restrictions on digital assets, urging their “shutdown.”