Jamie Dimon, the CEO of JPMorgan Chase, remains critical of Bitcoin, labeling it as a currency often used for illegal activities. Dimon has long questioned the utility of cryptocurrencies, comparing them to “pet rocks” in the past. In a recent interview with CBS News’ Lesley Stahl, he reiterated his skepticism about Bitcoin’s value.
Bitcoin and Crime: Dimon’s Concerns
Dimon stated that Bitcoin is commonly used by criminals, such as sex traffickers, money launderers, and ransomware operators. “Bitcoin itself has no intrinsic value,” Dimon emphasized. While acknowledging that digital currencies may play a role in the future, he remains wary of Bitcoin’s current applications.
Bitcoin: A Fraudulent Scheme?
In previous comments, Dimon has called Bitcoin a “fraud” and likened it to a Ponzi scheme. He expressed his discomfort with the cryptocurrency during the interview, stating, “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.”
Blockchain Technology: A Separate Matter
Despite his criticisms of Bitcoin, Dimon acknowledged the potential of blockchain technology. He explained that JPMorgan Chase already utilizes blockchain for various purposes. A blockchain is a digital ledger that stores data in chronological order, linking it in “blocks” that form a chain.
Dimon highlighted that blockchains can be used for money transfers, data management, and other functions. “Stablecoins are real,” he noted, referring to digital currencies tied to assets like traditional currencies or commodities. However, he pointed out that how stablecoins are regulated remains an important issue.
JPMorgan’s Use of Blockchain
JPMorgan Chase has embraced blockchain for several financial services. “Blockchain itself will work and that is kind of crypto,” Dimon said, underlining the importance of this technology in the future of finance.
While Dimon remains cautious about Bitcoin, he recognizes the growing role of blockchain in the financial world.
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