JPMorgan CEO Jamie Dimon: Bitcoin Is a Fraud, There's No Hope for BTC as a Currency
JPMorgan Chase CEO Jamie Dimon has doubled down on his anti-bitcoin stance, emphasizing that the crypto is a fraud with no future as a currency. âItâs a Ponzi scheme,â the executive stressed. However, despite his strong opinion about bitcoin, JPMorgan is an authorized participant for Blackrockâs spot bitcoin exchange-traded fund (ETF). Dimon, while advising investors to steer clear of the cryptocurrency, also expressed that he doesnât want to tell anyone what to do. âItâs a free country,â he emphasized.
Jamie Dimon Remains Anti-Bitcoin
The chief executive of JPMorgan Chase, Jamie Dimon, has not changed his mind about bitcoin. The executive still insists that the cryptocurrency is a fraud. In an interview with Bloomberg, aired on Wednesday, he said:
Crypto like bitcoin, Iâve always said itâs a fraud.
When asked whether there is hope for crypto, Dimon replied: âIf they think they are a currency, thereâs no hope for it. Itâs a Ponzi scheme.â
However, he continued: âIf itâs a crypto coin that can do something like, you know, a smart contract â that has value. There will be smart contracts, and blockchain works. To the extent âcryptoâ accesses certain blockchain things, yeah, that might have some value.â
Dimon has been a vocal critic of bitcoin and cryptocurrencies overall. In March, the CEO of JPMorgan Chase affirmed that he will never personally invest in bitcoin. He has compared BTC to a pet rock and frequently stated that the cryptocurrencyâs actual use cases are sex trafficking, tax evasion, money laundering, and terrorism financing. During a Senate hearing, he remarked that if he were the government, he would shut down cryptocurrency. In January, he said: âMy personal advice is donât get involved. But I donât want to tell anyone what to do. Itâs a free country. â
While maintaining his anti-bitcoin stance, Dimon acknowledged his clientsâ interest in the cryptocurrency and supported their freedom to invest. His investment bank is an authorized participant for Blackrockâs spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT).
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