JPMorgan Chief States Bitcoin 'has no intrinsic value'
Jamie Dimon has voiced his criticism of Bitcoin, pointing out its association with unlawful activities and expressing concerns regarding its lack of inherent worth. Read Full Article at RT.com.
TroibNews 
JPMorgan Chase CEO Jamie Dimon has voiced his concerns regarding Bitcoin, arguing that it lacks intrinsic value and is extensively utilized for illegal activities. He expressed that he does not “feel great” about the leading cryptocurrency.
A long-time skeptic of digital currencies, Dimon likened investing in Bitcoin to smoking. He stated, “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,” during an interview with CBS on Sunday.
He further emphasized the darker aspects of Bitcoin, saying, “Bitcoin itself has no intrinsic value. It’s used heavily by sex traffickers, money launderers, ransomware.”
Despite his negative views on Bitcoin specifically, Dimon acknowledged the broader possibilities presented by crypto and blockchain technology. He mentioned that JPMorgan is already implementing blockchain for various use cases and recognized the validity of stablecoins, which are digital currencies linked to other assets. He said, “Blockchain is real. It’s a technology. We use it. It’s going to move money. It’s going to move data. It’s efficient.”
Dimon’s skepticism regarding Bitcoin is not new. He has previously labeled it a “fraud” and a “decentralized Ponzi scheme.” Nonetheless, under his leadership, JPMorgan has rolled out its own digital currency, JPM Coin, and has engaged in blockchain initiatives aimed at improving payment systems.
Dimon's remarks come in the wake of a significant increase in Bitcoin’s value, which surged 121% in 2024, hitting an all-time high of $108,135 in December. Following that peak, Bitcoin saw a correction, briefly dipping below $90,000 in early January. As of Tuesday, Bitcoin had made a recovery, trading at over $96,000.
Launched in 2009, Bitcoin enables users to transfer money online without reliance on conventional banks or government intermediaries. Its price is influenced by factors such as supply, market demand, availability, competing cryptocurrencies, and investor sentiment. Bitcoin’s supply is capped, with a finite number of coins available for mining and projections indicating that the last Bitcoin will be mined by 2140. It is often referred to as “digital gold” due to its limited supply and its properties as a store of value.
Allen M Lee for TROIB News
A long-time skeptic of digital currencies, Dimon likened investing in Bitcoin to smoking. He stated, “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,” during an interview with CBS on Sunday.
He further emphasized the darker aspects of Bitcoin, saying, “Bitcoin itself has no intrinsic value. It’s used heavily by sex traffickers, money launderers, ransomware.”
Despite his negative views on Bitcoin specifically, Dimon acknowledged the broader possibilities presented by crypto and blockchain technology. He mentioned that JPMorgan is already implementing blockchain for various use cases and recognized the validity of stablecoins, which are digital currencies linked to other assets. He said, “Blockchain is real. It’s a technology. We use it. It’s going to move money. It’s going to move data. It’s efficient.”
Dimon’s skepticism regarding Bitcoin is not new. He has previously labeled it a “fraud” and a “decentralized Ponzi scheme.” Nonetheless, under his leadership, JPMorgan has rolled out its own digital currency, JPM Coin, and has engaged in blockchain initiatives aimed at improving payment systems.
Dimon's remarks come in the wake of a significant increase in Bitcoin’s value, which surged 121% in 2024, hitting an all-time high of $108,135 in December. Following that peak, Bitcoin saw a correction, briefly dipping below $90,000 in early January. As of Tuesday, Bitcoin had made a recovery, trading at over $96,000.
Launched in 2009, Bitcoin enables users to transfer money online without reliance on conventional banks or government intermediaries. Its price is influenced by factors such as supply, market demand, availability, competing cryptocurrencies, and investor sentiment. Bitcoin’s supply is capped, with a finite number of coins available for mining and projections indicating that the last Bitcoin will be mined by 2140. It is often referred to as “digital gold” due to its limited supply and its properties as a store of value.
Allen M Lee for TROIB News
