In a recent interview with CNBC’s Squawk Box, JPMorgan CEO Jamie Dimon has once again expressed his skepticism towards Bitcoin, the largest cryptocurrency in the market. This new wave of criticism comes despite JPMorgan’s involvement as an authorized participant (AP) for BlackRock’s Bitcoin ETF.
JPMorgan CEO Calls Bitcoin A “Pet Rock”
During the interview, Dimon acknowledged the potential of blockchain technology, describing it as efficient and capable of moving money and data. However, Dimon distinguished cryptocurrencies, stating that some possess tangible use cases while others, such as Bitcoin, do not.
Dimon likened Bitcoin to a “pet rock,” suggesting it lacks practical value beyond being a speculative asset. JPMorgan CEO stated:
There are cryptocurrencies that do something that might have value. And then there’s one that does nothing, I call it pet rock. The Bitcoin, or something like that
The JPMorgan CEO emphasized that certain cryptocurrencies can facilitate real-world applications, such as small smart contracts for buying and selling real estate or tokenizing assets.
However, Dimon also pointed out the negative aspects associated with Bitcoin, including its use in illicit activities like money laundering, tax evasion, fraud, and sex trafficking. Dimon cited instances where Bitcoin had been employed for such purposes, involving transactions worth hundreds of millions of dollars.
It is noteworthy that JPMorgan Securities has been named an authorized participant for BlackRock’s proposed Bitcoin ETF alongside Jane Street Capital.
This raises a paradoxical situation wherein Dimon, the bank’s CEO, criticizes Bitcoin while the institution actively engages with Bitcoin-related initiatives
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Author: Ronaldo Marquez
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