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JPMorgan Chase CEO Jamie Dimon has doubled down on his anti-bitcoin stance, emphasizing that the crypto is a fraud with no future as a currency. “It’s a Ponzi scheme,” the executive stressed. However, despite his strong opinion about bitcoin, JPMorgan is an authorized participant for Blackrock’s spot bitcoin exchange-traded fund (ETF). Dimon, while advising investors to steer clear of the cryptocurrency, also expressed that he doesn’t want to tell anyone what to do. “It’s a free country,” he emphasized.
Jamie Dimon Remains Anti-Bitcoin
The chief executive of JPMorgan Chase, Jamie Dimon, has not changed his mind about bitcoin. The executive still insists that the cryptocurrency is a fraud. In an interview with Bloomberg, aired on Wednesday, he said:
Crypto like bitcoin, I’ve always said it’s a fraud.
When asked whether there is hope for crypto, Dimon replied: “If they think they are a currency, there’s no hope for it. It’s a Ponzi scheme.”
However, he continued: “If it’s a crypto coin that can do something like, you know, a smart contract — that has value. There will be smart contracts, and blockchain works. To the extent ‘crypto’ accesses certain blockchain things, yeah, that might have some value.”
Dimon has been a vocal critic of bitcoin and cryptocurrencies overall. In March, the CEO of JPMorgan Chase affirmed that he will never personally invest in bitcoin. He has compared BTC to a pet rock and frequently stated that the cryptocurrency’s actual use cases are sex trafficking, tax evasion, money laundering, and terrorism financing. During a Senate hearing, he remarked that if he were the government, he would shut down cryptocurrency. In January, he said: “My personal advice is don’t get involved. But I don’t want to tell anyone what to do. It’s a free country. ”
While maintaining his anti-bitcoin stance, Dimon acknowledged his clients’ interest in the cryptocurrency and supported their freedom to invest. His investment bank is an authorized participant for Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT).