JPMorgan CEO Jamie Dimon still does not see value in Bitcoin
Banker doesn't like bitcoin
The head of one of the world's largest banks, JPMorgan, Jamie Dimon, remains critical of Bitcoin despite the growing popularity of the leading digital asset among institutional investors.
In an interview with CBS, Dimon stated that he does not favor Bitcoin, emphasizing that the cryptocurrency has no intrinsic value. He also claimed that Bitcoin is widely used for money laundering and other illegal activities.
Dimon has long been known for his criticism of Bitcoin. In 2017, he called the cryptocurrency a "fraud" and threatened to fire any JPMorgan trader who dealt with it. Last year, he advised against investing in Bitcoin, likening it to smoking: “It’s a personal choice, but not necessarily a wise one.”
The bank’s cryptocurrency projects
Despite Dimon’s personal stance, JPMorgan launched an internal Bitcoin fund in 2021 and disclosed minor investments in Bitcoin ETFs in 2022. However, it is unlikely that Dimon will change his opinion on cryptocurrencies while serving as the bank's CEO.
In the same interview, the 68-year-old banking veteran, who has led the largest U.S. bank for nearly two decades, hinted at his plans to retire. Dimon stated that he would likely remain as chairman of the board after stepping down as CEO. It remains unclear who will take the helm at JPMorgan after his departure.
In November of last year, Mastercard announced a partnership with JPMorgan, integrating its Multi-Token Network (MTN) with the recently rebranded Kinexys Digital Payments division, which oversees the JPM Coin initiative.
