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Jamie Dimon criticizes bitcoin, citing lack of value and illicit use, but acknowledges blockchain's potential
(MENAFN)
Jamie Dimon, the CEO of JPMorgan Chase, has stated that he does not "feel great" about the most popular cryptocurrency and that it has no inherent value and is frequently used for illegal purposes.
Longtime cryptocurrency critic Dimon likened Bitcoin investing to smoking, stating that although people have the right to do so, it is not advised. "I respect your desire to purchase or sell it. In an interview with CBS on Sunday, he said, "Just like I think you have the right to smoke, but I don't think you should smoke."
“Bitcoin itself has no intrinsic value. It’s used heavily by sex traffickers, money launderers, ransomware,” he announced.
Even though he was dismissive of Bitcoin, Dimon saw the potential of blockchain technology and cryptocurrency. He pointed out that JPMorgan already uses blockchain for a number of purposes and acknowledged the validity of stablecoins, which are virtual currencies linked to other assets. “Blockchain is real. It’s a technology. We use it. It’s going to move money. It’s going to move data. It’s efficient.”
Jamie Dimon, the CEO of JPMorgan Chase, has stated that he does not "feel great" about the most popular cryptocurrency and that it has no inherent value and is frequently used for illegal purposes.
Longtime cryptocurrency critic Dimon likened Bitcoin investing to smoking, stating that although people have the right to do so, it is not advised. "I respect your desire to purchase or sell it. In an interview with CBS on Sunday, he said, "Just like I think you have the right to smoke, but I don't think you should smoke."
“Bitcoin itself has no intrinsic value. It’s used heavily by sex traffickers, money launderers, ransomware,” he announced.
Even though he was dismissive of Bitcoin, Dimon saw the potential of blockchain technology and cryptocurrency. He pointed out that JPMorgan already uses blockchain for a number of purposes and acknowledged the validity of stablecoins, which are virtual currencies linked to other assets. “Blockchain is real. It’s a technology. We use it. It’s going to move money. It’s going to move data. It’s efficient.”

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