JPMorgan CEO urges “don't get involved” with bitcoin
Jamie Dimon is a long-time critic of cryptocurrencies and has previously called on the US Senate to ban them
17.01.2024 - 15:30
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3 min
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What’s new? Jamie Dimon, the CEO of investment bank JPMorgan, has said during an interview with CNBC that bitcoin is not among the cryptocurrencies that have value. He noted that he favors the right to use BTC, but also added: “I don't want to tell you what to do. My personal advice is don’t get involved.” The senior executive also jokingly stated that he does not intend to discuss the first cryptocurrency anymore.
What else is known? Dimon added that cryptocurrency can have value with an embedded smart contract, and supported the idea of tokenizing real-world assets (RWAs) such as real estate. He was positive about blockchain technology itself, recalling that JPMorgan is also using it. However, Dimon believes that bitcoin is being used mainly for fraud and money laundering.
Dimon is a long-time critic of bitcoin. Back in 2017, he called the asset fraudulent and allowed the possibility of its collapse. Such a position was explained by the senior executive with concerns about the lack of regulation, high price volatility, and the possibility of using the asset in illegal activities.
In addition, during the US Senate hearing last December, he said he would have banned cryptocurrencies if he had the authority because of money laundering risks. The phrase came in a discussion with Senator Elizabeth Warren, who announced the creation of an “anti-crypto army” as part of her election campaign. Later, she claimed that industry companies were sabotaging congressional efforts to study cryptocurrencies by hiring former government employees.
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On January 11, spot bitcoin exchange-traded funds (ETFs) from ten major investment firms began trading in the United States. Already on January 16, the total daily trading volume of these funds exceeded three times the figure of five hundred ETFs launched last year.
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