Jamie Dimon Bashes Bitcoin Again: 'A Pet Rock'

The JPMorgan CEO said this will be the last time he airs his opinion on bitcoin.

AccessTimeIconJan 17, 2024 at 3:55 p.m. UTC
Updated Jan 26, 2024 at 5:35 p.m. UTC
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JPMorgan CEO Jamie Dimon took another opportunity to publicly air his criticism about Bitcoin (BTC), saying his personal advice is to not get involved.

The use cases for Bitcoin are “AML, fraud, sex trafficking and tax avoidance,” said Dimon, holding court Wednesday on CNBC from Davos. "I defend your right to do Bitcoin," continued Dimon, who one month ago in Congressional testimony urged Senator Elizabeth Warren to "close it down."

"I don't want to tell you what to do," added Dimon this morning. "My personal advice is don't get involved."

He also said the cryptocurrency is like a “pet rock” that “does nothing."

Dimon appeared to be constructive on cryptos outside of Bitcoin, noting there are many folks can “do something with" such as tokenization of real-world assets.

Asked about asset management giants like Fidelity and BlackRock getting involved with Bitcoin via spot ETFs, Dimon responded that he “doesn’t care,” and promised this will be the last time he speaks about bitcoin.

While Dimon says he may not care about the spot ETFs, JPMorgan is notably playing a key role for BlackRock's iShares Bitcoin ETF (IBIT) as one of the fund's authorized participants.

Edited by Stephen Alpher.

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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


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