JPMorgan CEO Compares Right to Buy Bitcoin to Cigarettes

JPMorgan CEO Jamie Dimon says he will defend investors’ right to buy $BTC as he would cigarettes.

A long-time Bitcoin critic, JPMorgan boss Jamie Dimon, has again publicly criticized the cryptocurrency in a recent CNBC interview. This time, however, the JPMorgan CEO compared Bitcoin with cigarettes, admitting he would defend investors if they chose to buy Bitcoin.

In his latest interview, Dimon generally spoke about the current macroeconomic conditions, which have indirectly favored Bitcoin. From the start of the year, at a price of around $41,950, $BTC has risen 71% to trade above $72,000 at the time of writing. However, this performance and the recent approval of spot Bitcoin ETFs have not changed Dimon’s stance on Bitcoin.

Instead, when pointed toward Bitcoin’s stellar run, Dimon told the audience that he does not “know what Bitcoin itself is for.” He further claimed, in line with age-long criticism, that Bitcoin is mainly used by illegal actors such as fraudsters, sex traffickers, and terrorists.

Nonetheless, Jamie Dimon claimed that he would not impede anyone’s right to buy Bitcoin, even though he personally would not own it. The JPMorgan CEO noted that just as he defends a person’s right to smoke a cigarette, he will defend an investor’s right to buy Bitcoin.

In line with Dimon’s recent words, it is worth noting that Dimon’s JP Morgan is named as an authorized participant in BlackRock’s newly launched spot Bitcoin ETF. Thus, the multi-billion-dollar financial institution serves as an outlet for investors to get $BTC exposure and profits from the industry, even though its CEO publicly criticizes the cryptocurrency.

Bitcoin Matches on Above $70,000

While the JPMorgan CEO’s negative comments may have negatively impacted investor’s sentiments in the past, the latest remarks did not dent the price of $BTC. Instead, Bitcoin has held above the $71,000 mark after clinching a new all-time high above $72,000.

While leading voices like JPMorgan talk down on Bitcoin, other heavyweights such as BlackRock’s Larry Fink have publicly defended Bitcoin’s potential and the entire crypto market. Fink has gone on record for acknowledging that the jump in Bitcoin’s price shows a “flight to quality” by investors.