Jamie Dimon: Bitcoin Will Not Survive

JPMorgan CEO Jamie Dimon has issued new remarks about bitcoin, dismissing the digital currency's potential to survive in the long-term.

AccessTimeIconNov 5, 2015 at 12:25 p.m. UTC
Updated Sep 14, 2021 at 2:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

JPMorgan CEO Jamie Dimon has issued new remarks about bitcoin, dismissing the digital currency's potential to survive in the long-term.

, Dimon said people were wasting their time with digital currencies such as bitcoin.

He added:

"This is my personal opinion, there will be no real, non-controlled currency in the world. There is no government that's going to put up with it for long ... there will be no currency that gets around government controls."

According to Dimon, bitcoin's underlying blockchain technology has a brighter future: "The technology will be used, it may even be used to transport currency but it will be US dollars."

Dimon's latest comments come after he spoke about both bitcoin and blockchain technology during Barclays' Global Financial Services Conference held in September.

Although cautious, the bitcoin skeptic said that JPMorgan – which recently partnered with distributed ledger startup R3CEV – was optimistic about the potential uses of blockchain technology.

In April this year, Dimon said his bank could learn from disruptive payment systems such as bitcoin in his annual letter to JPMorgan shareholders:

"You all have read about bitcoin, merchants building their own networks, PayPal and PayPal look-alikes. Payments are a critical business for us – and we are quite good at it. But there is much for us to learn in terms of real-time systems, better encryption techniques and a reduction of costs and 'pain points' for customers."

Dimon's comments on blockchain technology come amid increasing interest from banks and mainstream finance figures such as Blythe Masters, who famously left JPMorgan to join Digital Assets Holdings as CEO in March this year.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.