JPMorgan CEO Jamie Dimon Criticizes Bitcoin, Questions Its Intrinsic Value and Usage
Thank you for reading this post, don't forget to subscribe!JPMorgan Chase CEO Jamie Dimon has reiterated his criticism of Bitcoin, arguing that the cryptocurrency lacks intrinsic value and is widely used for illicit activities. In an interview with CBS on Sunday, Dimon remarked that he does not “feel great” about Bitcoin, likening its investment risks to smoking. “You have the right to buy or sell it, just as you have the right to smoke, but I don’t think you should,” he stated.
Dimon highlighted concerns over Bitcoin’s use in criminal activities such as sex trafficking, money laundering, and ransomware attacks. Despite these criticisms, he acknowledged the potential of blockchain and crypto technologies. Dimon noted that JPMorgan is already leveraging blockchain for various applications and recognized stablecoins as legitimate digital assets. “Blockchain is real. It’s efficient. It moves money and data,” he said.
Known for his long-standing skepticism, Dimon has previously called Bitcoin a “fraud” and a “decentralized Ponzi scheme.” Nevertheless, under his leadership, JPMorgan developed its own digital currency, JPM Coin, and invested in blockchain-based payment solutions.
Dimon’s remarks come amid significant market activity for Bitcoin. After surging 121% in 2024 to an all-time high of $108,135 in December, Bitcoin experienced a brief correction, dipping below $90,000 in January. It has since rebounded, trading at over $96,000 as of Tuesday.
Launched in 2009, Bitcoin offers decentralized, peer-to-peer transactions without traditional banking systems. Its value is driven by supply, demand, market sentiment, and competition from other cryptocurrencies. With a capped supply and a mining limit projected to be reached by 2140, Bitcoin is often referred to as “digital gold” due to its scarcity and store-of-value properties.
