Jamie Dimon, CEO of JPMorgan Chase, has made a controversial comparison between Bitcoin and smoking cigarettes.
Jamie Dimon, CEO of JPMorgan Chase, has made a controversial comparison between Bitcoin and smoking cigarettes.
The influential banker has stated that he supports the right to buy Bitcoin, but would never personally invest in it.
During his speech at the Australian Financial Review business summit, Dimon expressed skepticism about the usefulness of cryptocurrency, associating it with illicit activities such as sex trafficking, fraud and terrorism.
Dimon’s persistent criticism of Bitcoin
Jamie Dimon, long known for his critical stance on Bitcoin, has once again advised potential investors to stay away from the cryptocurrency.
In a recent interview with CNBC, Dimon differentiated between blockchain technology and Bitcoin, praising the former for its efficiency and potential for real-world applications through tokenization. At the same time, he dismissed Bitcoin as a worthless asset and compared it to a “favorite stone.”
He underscored his belief that Bitcoin’s primary utility lies in facilitating illegal transactions, further fueling his argument against the cryptocurrency’s investment merit.
Industry reaction
Dimon’s comments in January and his call for a possible Bitcoin ban were met with negative reactions from prominent figures in the cryptocurrency industry. Leaders such as Grayscale CEO Michael Sonnenshein, Galaxy Digital’s Mike Novogratz, and Ripple CEO Brad Garlinghouse have countered Dimon’s views.
Despite the criticism, Dimon maintains that the risks associated with cryptocurrencies justify his cautious stance.
