JPMorgan CEO Jamie Dimon has clarified that he is done discussing Bitcoin and has labeled it worthless.
In a Wednesday interview with CNBC ‘Squawk Box’ hosts on the sidelines of the World Economic Forum in Davos, Switzerland, the CEO expressed his frustration with the ongoing debate surrounding the cryptocurrency, stating, “This is the last time I’m talking about this on CNBC, so help me God.”
Notably, Dimon acknowledged the potential of blockchain technology, emphasizing its role in moving money and data efficiently. However, he drew a clear distinction between cryptocurrencies with real-world applications, such as tokenizing assets and facilitating transactions like buying and selling real estate, and those he referred to as “home stones” or cryptocurrencies that do nothing.
Dimon further reiterated his long-standing criticism of Bitcoin, categorizing it as worthless and citing concerns about money laundering, fraud, human trafficking, and tax evasion.
“The Bitcoin, you know, there are use cases – fraud, anti-money laundering, tax avoidance, sex trafficking. Those are real use cases, and you see it being used for hundreds, maybe 50, $100 billion a year for that. That is the end use case; everything else is people trading among themselves,” stated Dimon.
Despite his skepticism towards Bitcoin, the top banker defended individuals’ right to engage in cryptocurrency transactions. He offered a personal piece of advice, saying, “I don’t want to tell you what to do, so my personal advice is don’t get involved, but I don’t want to tell any one of you what to do. It is a free country.”
When asked about the involvement of other financial giants like BlackRock and Fidelity in Bitcoin trading through spot ETFs, Dimon bluntly responded, “I don’t care.” However, it’s worth noting that BlackRock previously designated JPMorgan as one of the “authorized participants” of its iShares Bitcoin ETF (IBIT).
The billionaire further skeptically addressed Bitcoin’s 21 million supply cap, suggesting that when nearing the limit, Satoshi Nakamoto might appear, “laugh hysterically, go quiet, and all Bitcoin will be erased.”
Dimon, 67, has consistently been a vocal opponent of digital assets, reiterating his stance that Bitcoin is “worthless” and referring to cryptocurrencies as “decentralized Ponzi schemes” in the past. Nevertheless, despite Dimon’s negative remarks, the crypto community has remained positive, with Bitcoin outperforming equities, including the Nasdaq 100 and S&P 500 indexes, on a year-over-year basis.
Bitcoin was trading at $41,867 at press time after a 1.22% drop over the past 24 hours.
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