JPMorgan Chase CEO, Jamie Dimon, has reiterated his skepticism about Bitcoin, stating that the cryptocurrency has no intrinsic value and is frequently used for unlawful purposes.
Dimon expressed his concerns about Bitcoin during an interview with CBS, admitting he doesn’t ‘feel great’ about it.
NEW – JPMorgan chief Jamie Dimon says “Bitcoin has no intrinsic value. It’s used heavily by sex traffickers, money launderers, ransomware.”pic.twitter.com/evw08ErJ27
— Disclose.tv (@disclosetv) January 13, 2025
A vocal critic of cryptocurrency, Dimon likened investing in Bitcoin to smoking: permissible but ill-advised.
“I applaud your right to buy or sell it. Just like I think you have the right to smoke, but I don’t recommend it,” he commented.
“Bitcoin itself lacks intrinsic value. It’s heavily used by sex traffickers, money launderers, and in ransomware,” Dimon asserted.
Despite his reservations, Dimon acknowledged the potential benefits of cryptocurrency and blockchain technology.
He highlighted JPMorgan’s use of blockchain for various applications and acknowledged the validity of stablecoins – digital currencies linked to traditional assets.
“Blockchain is a real technology. We use it. It’s going to facilitate the movement of money and data efficiently,” he stated.
Dimon’s critique of Bitcoin isn’t new. He has previously called it a ‘fraud’ and a ‘decentralized Ponzi scheme.’ However, under his leadership, JPMorgan has launched its own digital currency, JPM Coin, and invested in blockchain projects aimed at enhancing payment systems.
His latest remarks come amid a significant surge in Bitcoin’s value. In 2024, Bitcoin’s price soared 121%, peaking at $108,135 in December 2024. After a brief dip below $90,000 in early January 2025, it rebounded and has been hovering between $90,000-$100,000.
Since its inception in 2009, Bitcoin has allowed users to send and receive money online without traditional banking systems. Its price is influenced by supply, demand, competing cryptocurrencies, and investor sentiment.
Often referred to as ‘digital gold,’ Bitcoin has a limited supply, with all coins expected to be mined by 2140.
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