JPMorgan’s Dimon attacks Bitcoin and compares it to smoking
2025-01-13
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The Chief Executive Officer of JPMorgan, Jamie Dimon has attacked Bitcoin again, asserting it has no inherent value and is frequently exploited by bad actors. He also said that Bitcoin is like smoking, and people may have the right to do it, but that does not make it a good idea. 
On January 12, Dimon gave an interview with CBS News in which he said we are going to have some kind of virtual currency at some point. I am not against cryptocurrency. You know, Bitcoin itself has no inherent value. 
It is deliberately used by sex traffickers, money launderers, and ransomware. This is why I just don’t feel appreciable about Bitcoin. I praise your capability to wanna purchase or sell it. Just as I think you have the right to smoke, but I do not think you should smoke. Bitcoin lacks inherent value 
Dimon has continually declared that Bitcoin lacks inherent value. According to him, it mainly ignites guesswork. Before this, he has referred to it as a fraud, hyped-up fraud, pet rock, and worthless. 
He also equated Bitcoin to speculative bubbles such as the Dutch tulip mania. Dimon alerted that investors will probably face negative results. As Dimon has attacked crypto, he takes a more positive point of view of blockchain technology. 
He acknowledges its practical uses and has thrown light on JPMorgan’s participation in blockchain-based projects such as JPM Coin. In the second part of the interview, Jamie Dimon revealed that he was not amazed by the victory of Donald Trump. Dimon is still cautious 
He described that voters want more pro-business laws. Regardless of positive signs such as low unemployment, guided inflation, and an increased stock market, Dimon is still cautious. He acknowledges that he is deeply distrustful of the economy’s outlook. 
People were not happy with whatever they referred to as the state, the swamp, or the ineffective government. Those individuals wanted more pro-growth and pro-business laws that did not want to be addressed on social laws continually. 
I think it is the lecturing part of it. It is the social supremacy, it is the ‘My way or the highway.’ I traveled all over the world and I felt it wherever I went. In July last year, Jamie Dimon was said to be Trump’s pick for Secretary of Treasury when he was running for president. 
After this rumor, many traders got concerned that Dimon’s strict stance on Bitcoin could spell out the end of cryptocurrency in the United States. 