JPMorgan CEO Jamie Dimon Says Bitcoin Has No Value

Key Points:

• JPMorgan CEO Jamie Dimon criticizes Bitcoin, linking it to illicit activities.
• JPMorgan is listed as a participant in BlackRock’s potential Bitcoin ETF, awaiting approval.
• Dimon expresses economic concerns, citing pandemic savings depletion, high interest rates, and geopolitical risks.

JPMorgan CEO Jamie Dimon reiterated his criticism of Bitcoin in a recent interview with Fox Business, emphasizing his belief that the world’s largest cryptocurrency “doesn’t have value.”

JPMorgan CEO Jamie Dimon Renews Bitcoin Criticism Amid ETF Anticipation

Dimon cited concerns about the illicit use of Bitcoin, linking it to activities such as sex trafficking, tax avoidance, money laundering, and terrorism finance.

Despite this stance, it’s worth noting that JPMorgan, under Dimon’s leadership, has been named as an authorized participant for BlackRock‘s potential spot Bitcoin ETF. The comments come amid anticipation for the approval of such ETFs, a decision expected later today.

JPMorgan CEO Jamie Dimon, a vocal critic of cryptocurrencies, previously referred to bitcoin as a “hyped-up fraud” and a “pet rock,” dismissing it as a “Ponzi scheme” and advocating for government intervention to shut down digital assets.

Beyond the cryptosphere, Dimon expressed caution about the U.S. economy, highlighting concerns about consumers depleting pandemic savings, interest rates above 5%, growing government interest payments, and the absence of “quantitative tightening” by the Federal Reserve.

Additionally, he pointed to geopolitical risks, such as conflicts in Ukraine and the Middle East, which could impact global factors ranging from oil and gas prices to migration and economic relationships.

During a Senate Banking Committee hearing, Dimon reiterated his strong opposition to crypto, stating, “If I was the government, I’d close it down.”