- Jamie Dimon remains skeptical of Bitcoin, which he says is a benchmark for criminals.
- He has previously called cryptocurrencies useless, like “pet rocks.”
- He noted that JPMorgan Chase is already using blockchain technology.
Jamie Dimon does not soften the tone of his criticism of cryptocurrencies.
Dimon, the CEO of JPMorgan Chase, once again questioned the value of bitcoin in an interview with CBS News“Lesley Stahl.
“We’re going to have some sort of digital currency at some point,” Dimon said. “I’m not against crypto. You know, bitcoin itself has no intrinsic value. It’s widely used by sex traffickers, money launderers and ransomware.”
In the past, Dimon has said that cryptocurrencies are as useful as “pet stones,” claiming that bitcoin is fraudulent like a Ponzi scheme.
“I just don’t feel good about Bitcoin,” Dimon said in an interview published Sunday. “I applaud your ability to want to buy it or sell it. Just like I think you have the right to smoke, but I don’t think you should smoke.”
The new Trump administration has indicated it will be supportive of the industry. The price of Bitcoin has surged 121% in 2024, crossing the $100,000 mark for the first time in December.
Dimon, however, emphasized the legitimacy of blockchains.
A blockchain is a digital database that stores “blocks” of data in chronological order, and these blocks are linked together on a “chain”.
“Using blockchains for money, moving money, moving data, we’re already using it,” he said. “Stablecoins are real. How they are used and how they are protected by regulators is an issue they need to address.”
Stablecoins are another type of digital currency tied to other assets, such as a currency or commodity.
“JPMorgan is already using blockchain,” he added. “The blockchain itself will work and it’s a kind of crypto.”