In a recent conversation, the CEO of JPMorgan, Jamie Dimon, likened Bitcoin to the act of smoking, expressing his disapproval towards it. Yet, he made it clear that he maintains an open stance towards cryptocurrencies in general.
In an interview with CBS News on the 12th of January, Dimon expressed his consistent viewpoint regarding Bitcoin (BTC) and cryptocurrencies as a whole. During the conversation with Lesley Stahl, he stated that he is not hostile towards crypto but continues to argue that Bitcoin lacks inherent worth.
To put it simply, Dimon likened those who utilize Bitcoin to individuals who smoke cigarettes. While he accepts their freedom to transact with Bitcoin, he personally advises against owning it.
To be honest, I’m not comfortable with Bitcoin. However, I respect your desire to invest in or trade it. Just as I believe in personal freedom, I personally wouldn’t engage in smoking.” – said Dimon.
In addition, Jamie Dimon stated that he perceives Bitcoin primarily as a medium for illicit activities like money laundering, human trafficking, and ransom payments. The CEO of JPMorgan’s latest remarks suggest that while Dimon may have become more open to cryptocurrencies in general, his opinion on Bitcoin specifically remains unaltered.
Despite a study by Crypto ISAC revealing that cash is the most commonly used payment method for illicit activities, it’s important to note that only 0.34% of the total estimated criminal transactions involve cryptocurrencies. Furthermore, the U.S. Treasury has stated that cash still serves as the primary tool for money laundering, given its anonymous and stable properties.
It’s been speculated that by July 2024, Jamie Dimon was rumored to be Donald Trump’s chosen candidate for the position of Secretary of Treasury during his presidential campaign. At that time, many investors were concerned that Dimon’s firm stance against Bitcoin could potentially lead to a decline in the use of cryptocurrency within the United States.
Jamie Dimon’s past sentiments on Bitcoin
Historically, Jamie Dimon has referred to Bitcoin as a “deceptive” form of currency, viewing it as a means for tax evasion, money laundering by criminals, and drug trafficking. At one time, Dimon even stated that if he held a position in government, he would shut down Bitcoin.
Since at least 2014, Dimon has frequently expressed his disapproval towards Bitcoin. In 2014, he described Bitcoin as an ineffective store of value, suggesting that it could be easily duplicated multiple times and lacking the credibility of traditional currencies backed by governments.
Initially, he threatened to dismiss any JPMorgan traders caught trading Bitcoin. However, by March 2024, his stance had changed, and he expressed a readiness to respect an individual’s choice to buy Bitcoin.
Although Jamie Dimon has been vocal about his resistance to Bitcoin, he has shown support for blockchain technology, frequently expressing positive views on it. What’s intriguing is that Dimon’s bank, JPMorgan Chase, functions as an authorized participant in BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust.
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2025-01-13 13:00