JPMorgan director announces Bitcoin ‘has no intrinsic value’
Date
1/18/2025 7:07:08 AM
(MENAFN) JPMorgan CEO Jamie Dimon has reiterated his criticism of Bitcoin, stating that it has no intrinsic value and is commonly used for illicit activities such as sex trafficking, money laundering, and ransomware attacks. Dimon, a vocal skeptic of cryptocurrencies, compared investing in Bitcoin to smoking, emphasizing that while people have the right to engage in it, he doesn't believe it is advisable.
In an interview with CBS, Dimon explained, “Bitcoin itself has no intrinsic value,” and reiterated his view that it is widely exploited for illegal purposes. Despite his opposition to Bitcoin, Dimon acknowledged the potential of blockchain technology and its applications, noting that JPMorgan is actively using blockchain in various capacities. He also expressed support for stablecoins, which are digital currencies pegged to other assets, recognizing their legitimacy.
Dimon’s negative stance on Bitcoin isn't new; he has previously called it a "fraud" and a "decentralized Ponzi scheme." However, under his leadership, JPMorgan has developed its own digital currency, JPM Coin, and has been exploring blockchain technology for improving payment systems.
These remarks come amid Bitcoin’s recent surge, with its price hitting a record high of $108,135 in December 2024 before experiencing a slight correction. As of Tuesday, Bitcoin was trading above $96,000. Bitcoin, launched in 2009, allows users to send money online without relying on traditional banking systems or governments. It is often referred to as "digital gold" due to its limited supply and store-of-value properties.
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