JPMorgan CEO Jamie Dimon recently opened up on his evolved views about Bitcoin and cryptocurrency, stating that while he doesn’t support it, he isn’t entirely opposed to the industry.
In an interview with CBS News on the 12th of January, Dimon clarified his position, telling Lesley Stahl that he is “not against crypto” but maintains that Bitcoin lacks intrinsic value. He compared Bitcoin users to smokers, acknowledging their right to trade it but advising against holding it.
“I just don’t feel great about Bitcoin. I applaud your ability to want to buy or sell it, just like I think you have the right to smoke, but I don’t think you should smoke,” Dimon remarked.
Dimon also reiterated his belief that Bitcoin is predominantly used for criminal activities such as money laundering, sex trafficking, and ransomware payments. While his stance on cryptocurrency has softened, his skepticism toward Bitcoin remains steadfast.
This perspective contrasts with findings from a Crypto ISAC report, which concluded that cash remains the primary medium for illicit activities. According to the report, only 0.34% of criminal transactions involve cryptocurrency. Similarly, the U.S. Treasury has noted that cash remains the preferred method for money laundering due to its anonymity and stability.
Dimon’s Potential Role in U.S. Treasury and Infamous History with Bitcoin
In July 2024, rumors surfaced that Dimon was considered Donald Trump’s choice for Secretary of the Treasury during his presidential campaign. At the time, many traders feared Dimon’s critical stance on Bitcoin could signal restrictive policies for cryptocurrency in the U.S.
Dimon Jamie’s distasteful views on Bitcoin and Cryptocurrency is not new. Since 2014, he has described Bitcoin as a “terrible store of value” that can be easily replicated and lacks the legitimacy of government-backed currencies. He has also called Bitcoin a “fraud” and accused it of being a tool for tax evasion, criminal activity, and drug trafficking.
At one point, Dimon threatened to fire JPMorgan traders if they were caught trading Bitcoin. However, by March 2024, he expressed a more tolerant view, stating that individuals have the right to purchase Bitcoin, even if he disagrees with it.
While Dimon remains a vocal critic of Bitcoin, he has consistently praised blockchain technology. Interestingly, JPMorgan Chase, the bank he leads, is an authorized participant in BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust—an ironic development given Dimon’s longstanding opposition to Bitcoin.
