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Jamie Dimon Compares Bitcoin to Smoking: “You Can Do It, But It’s Not Healthy”

Jamie Dimon Compares Bitcoin to Smoking: “You Can Do It, But It’s Not Healthy”

Key Points:

  • JPMorgan CEO Jamie Dimon reiterated his skepticism about Bitcoin, calling it unhealthy and lacking intrinsic value.
  • Dimon criticized Bitcoin’s ties to illegal activities but praised blockchain as a transformative technology.
  • Despite Dimon’s stance, JPMorgan continues to invest in Bitcoin ETFs, reflecting the firm’s interest in digital assets.

JPMorgan CEO Jamie Dimon is back with another jab at Bitcoin. During a recent interview with CBS News, he doubled down on his long-standing criticism of the cryptocurrency, comparing its use to smoking—something people are free to do, but he doesn’t think they should.

https://x.com/DocumentingBTC/status/1878542781083164771 

While Dimon acknowledged the likelihood of a digital currency emerging in the future, he made it clear that Bitcoin isn’t it. “Bitcoin itself has no intrinsic value,” he said, pointing out its association with illegal activities like money laundering, ransomware attacks, and even sex trafficking.

“I Don’t Feel Great About Bitcoin”

Dimon’s disdain for Bitcoin hasn’t exactly been a secret. He’s called it names like “Ponzi scheme” and “pet rock” in the past, but his recent comments were a little more measured. “We’re going to have some kind of digital currency at some point,” he said. “I’m not against crypto. But Bitcoin itself? It has no real value.”

https://x.com/Swan/status/1780984490262770064 

He compared Bitcoin ownership to smoking cigarettes: a personal choice, but not one he sees as a smart or healthy decision. “I applaud your ability to wanna buy or sell it,” he said. “Just like I think you have the right to smoke, but I don’t think you should smoke.”

Blockchain, However, Gets His Seal of Approval

While he’s made it clear that he’s not a fan of Bitcoin, Dimon has been vocal about his support for blockchain technology. He sees it as an efficient way to move money and data, and even JPMorgan uses blockchain in its operations.

“Blockchain is real,” he said. “It’s a technology that’s going to move money, it’s going to move data, and it’s efficient. We’ve been talking about this for over 12 years now.”

A Complicated Crypto Relationship

Interestingly, despite Dimon’s public skepticism of Bitcoin, JPMorgan has invested in Bitcoin ETFs and is actively exploring digital assets. It’s a contradiction that hasn’t gone unnoticed. Even former President Donald Trump remarked last year that Dimon’s stance seemed to be softening, calling him “less negative” about Bitcoin.

https://x.com/Swan/status/1745095245061030302 

Still, Dimon’s recent comments make it clear that his skepticism hasn’t gone away. For him, the value of cryptocurrency lies in the technology behind it, not in Bitcoin itself.

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