The CEO of JPMorgan said that his personal advice is not to get involved in Bitcoin. This is a curious thing, considering the fact that it comes just after the company became an authorized participant for BlackRock’s spot BTC ETF.

JPMorgan offers anti-Bitcoin advice

Check out the video that Jamie Dimon posted on his social media account:

Earlier today, we also revealed the fact that JPMorgan’s CEO, Jamie Dimon, who has been a long-time skeptic of cryptocurrency, has once again criticized Bitcoin, referring to it as a “pet rock.”

In an interview on CNBC Squawk Box from the World Economic Forum held in Davos, Switzerland, Dimon expressed his belief that Bitcoin has no practical use cases other than for illegal activities.

However, he did acknowledge the potential of blockchain technology.

“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. We’ve been talking about that for 12 years too and it’s very small. Okay, so I think we’ve wasted too many words on that. Cryptocurrencies, there are two types. There’s a cryptocurrency that might actually do something. Think of a cryptocurrency that has an embedded smart contract in it and then we can use it to buy and sell real estate and move data, that may have value – tokenizing things that you do something with.”

He continued and said the following:

“And then there’s one which does nothing. I call it the pet rock, the Bitcoin or something like that. And so on the Bitcoin, I’m not trying to make a joke here, there are use cases: AML (anti-money laundering) fraud, tax avoidance, sex trafficking. Those are real use cases. And you see it being used for maybe $50 billion to $100 billion a year for that. That is the end use case. Everything else is people trade among themselves.”

Leave a Comment