Don’t Get Involved with Bitcoin

During a recent interview with CNBC, JPMorgan CEO Jamie Dimon advised against getting involved with Bitcoin, the largest cryptocurrency.   

“I defend your right to do Bitcoin…It’s OK. I don’t want to tell you what to do. My personal advice is don’t get involved.”

The JPMorgan boss also said that this is the last time that he was going to discuss the controversial asset on CNBC.   

Blockchain, not Bitcoin

Dimon says that if a cryptocurrency has an embedded smart contract in it, it could have value. He has endorsed the idea of tokenization with real-life use cases like real estate.

“There are cryptocurrencies that do something, that might have value. And then there’s one that does nothing, I call it pet rock. The Bitcoin, or something like that.” 

The JPMorgan boss has also embraced the idea of blockchain, the technology underpinning the largest cryptocurrency.  

“Blockchain is real. It’s a technology. We use it…It’s efficient.”

However, Dimon claims that Bitcoin is mostly used for fraud and money laundering. “That is the use case. Everything else is people trading among themselves,” he added. 

Calling for crypto ban 

Dimon has long been a vocal critic of cryptocurrencies. His skepticism dates back to at least 2017, when he famously called Bitcoin a “fraud” and predicted its eventual demise. 

Dimon’s criticism of cryptocurrencies has been based on concerns about their lack of regulation, potential for illicit activities and extreme price volatility.

Despite the growing mainstream acceptance of Bitcoin, Dimon’s stance has not softened. As reported by U.Today, he suggested that the government should go as far as banning Bitcoin during a recent Senate hearing.