JPMorgan’s Chief Executive Officer (CEO) Jamie Dimon sparked a fresh controversy after saying Bitcoin has ‘no intrinsic value’ and people ‘should not’ buy it during an interview. To defend his claim, Jamie Dimon remarked “It’s used heavily by sex traffickers, by money launderers, ransomware. So I just don’t feel great about Bitcoin.”
The remark given on Sunday has rapidly spread like wildfire in the crypto community. Surprisingly, despite his persistent criticism, the actions of his own institution, JPMorgan, tell a very different story, which contrasts with his statement.
John Deaton, founder of CryptoLawsUS, replied to Dimon, saying “As usual, Jamie Dimon says one thing while his bank does another,” Deaton remarked.
As usual, Jamie Dimon says one thing while his bank does another. @jpmorgan has been involved with BTC & Crypto from the beginning.
Less than 1% of BTC is used for illicit purposes. In the meantime, Dimon’s bank has been fined over $40B for illicit activities.
Of course,… https://t.co/IbinOJrAVL
— John E Deaton (@JohnEDeaton1) January 12, 2025
JPMorgan Embraces Bitcoin and Crypto
From becoming an authorized participant for BlackRock’s Spot Bitcoin ETF to acknowledging Bitcoin’s growing presence in investor portfolios, JPMorgan is clearly embracing digital assets.
Even JP Morgan’s research reports highlight Bitcoin’s rising role as a “debasement trade”, which asset investors turn to when fiat currencies lose value.
This is not the first time the JPMorgan CEO has expressed his criticism for Bitcoin. Last year in April, Dimon called the cryptocurrency a fraud” and a “Ponzi scheme.” He compared cryptocurrency to smoking.
“I applaud your ability to want to buy or sell it, just like I think you have the right to smoke,” Dimon said. “But I don’t think you should smoke.”
“His latest criticism comes as the U.S. is set to get a pro-crypto president, Donald Trump, who promised the crypto community to make the U.S. a crypto hub to foster crypto innovations. Furthermore, the call for a Strategic Bitcoin Reserve has also grown stronger after Donald Trump’s victory.”
