Home Cryptocurrency JPMorgan Chase CEO: Bitcoin “has no intrinsic value”

JPMorgan Chase CEO: Bitcoin “has no intrinsic value”

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“I just don’t feel great about Bitcoin,” Jamie Dimon said


Bitcoin (BTC-USD) traded down 4% Monday morning, hovering between $90,000 and $91,000, after JPMorgan Chase CEO Jamie Dimon publicly questioned the asset’s value.

In a CBS news interview released on Sunday, Dimon prefaced that he is “not against crypto”, but went on to argue that Bitcoin is the currency of choice for “sex traffickers, money launderers, ransomware”.

Dimon has a history of publicly criticizing digital assets, comparing cryptocurrency to “pet rocks” in a 2022 CNBC interview.

The JPMorgan Chase CEO’s comments come at a time when some traders of risk-on assets, such as Bitcoin, are concerned that there will be only a few interest rate cuts this year. At the same time, however, some cryptocurrency enthusiasts look forward to President-elect Donald Trump installing a largely pro-crypto cabinet.

“I just don’t feel great about Bitcoin,” Dimon added. “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.”

Analysis: Not all big banks are reluctant to adopt crypto

Dimon may be considered the face of big finance, but he doesn’t represent all large-cap financial firms. In contrast to Dimon’s reluctance to integrate cryptocurrency into JPMorgan Chase’s business model, BlackRock (NYSE:BLK) and Fidelity rushed to the front of the line to introduce spot Bitcoin exchange-traded funds (ETFs).

Moreover, Dimon isn’t opposed to all forms of digital currency. He believes that stablecoins “are real”, and asserted that JPMorgan Chase “already” uses blockchains for “moving money” and “moving data”.

So, it might just be a matter of time before Dimon softens his stance on Bitcoin. Eventually, JPMorgan Chase may give in to the pressure to introduce its own spot Bitcoin ETF.

For now, however, long-term Bitcoin holders don’t seem too concerned about Dimon’s reluctance. After all, even after the dip from $100,000 to around $90,000, Bitcoin has still doubled over the past 12 months.

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David Moadel
Financial Writer

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