- JPMorgan CEO Jamie Dimon compared Bitcoin to smoking, stating he does not condone it due to its perceived lack of intrinsic value and associations with illicit activities, while affirming he is “not against crypto” overall.
- Despite his Bitcoin skepticism, Dimon supports blockchain technology and JPMorgan’s involvement in cryptocurrency-related initiatives like BlackRock’s Bitcoin ETF.
JPMorgan CEO Jamie Dimon has once again voiced his skepticism about Bitcoin, likening the cryptocurrency to smoking in a recent interview with CBS News. While Dimon acknowledges the right of individuals to trade Bitcoin, he emphasized that he does not condone it, asserting his belief that the cryptocurrency lacks intrinsic value.
“I just don’t feel great about Bitcoin. I applaud your ability to wanna buy or sell it, just like I think you have the right to smoke, but I don’t think you should smoke,” Dimon told interviewer Lesley Stahl on January 12.
Despite his harsh stance on Bitcoin, Dimon clarified that he is “not against crypto” as a whole. This nuanced position highlights his growing openness to cryptocurrency in general, even as he remains a staunch critic of Bitcoin itself.
Criticism of Bitcoin’s Role
Dimon reiterated his long-standing concerns about Bitcoin being predominantly used for illicit activities. He labeled it a currency frequently associated with money laundering, sex trafficking, and ransomware payments.
However, these claims are not without challenge. A report from Crypto ISAC found that only 0.34% of total cryptocurrency transaction volume is tied to criminal activity, while the U.S. Treasury confirmed that cash remains the preferred tool for money laundering due to its anonymity and stability.
A History of Bitcoin Skepticism
Dimon’s critique of Bitcoin is nothing new. He has been a vocal detractor of the cryptocurrency since 2014, calling it a “fraud,” a “terrible store of value,” and a tool for tax evasion and criminal enterprises. At one point, he even threatened to fire JPMorgan employees caught trading BTC and claimed he would shut it down entirely if he had the power to do so.
However, in recent years, Dimon has softened his rhetoric, stating in March 2024 that he supports an individual’s right to purchase Bitcoin, even if he personally disapproves of it. His bank, JPMorgan Chase, has also taken steps to engage with cryptocurrency indirectly, acting as an authorized participant in BlackRock’s spot Bitcoin ETF, iShares Bitcoin.
Support for Blockchain
While Dimon remains skeptical of Bitcoin, he has consistently praised blockchain technology, emphasizing its potential to revolutionize industries. His support for blockchain demonstrates a willingness to separate the technology underpinning cryptocurrencies from Bitcoin itself.
Jamie Dimon’s latest remarks reinforce his long-standing skepticism about Bitcoin while showcasing a more nuanced view of the broader crypto landscape. Though he likens Bitcoin trading to smoking, a practice he views as harmful, Dimon denies being anti-crypto, signaling cautious acceptance of blockchain innovation and other cryptocurrencies. Meanwhile, his bank’s involvement with Bitcoin ETFs highlights the evolving relationship between traditional financial institutions and digital assets.