“My Personal Advice is Don’t Get Involved” in Bitcoin, JPMorgan CEO Says

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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January 17, 2024 13:48 EST

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JPMorgan CEO Jamie Dimon had some choice words about investing in Bitcoin during his latest media appearance this morning.

Dimon’s take on Bitcoin

During a Wednesday morning segment on CNBC, Dimon told the hosts of “Squawk Box” that his “personal advice is don’t get involved” with the cryptocurrency.

Dimon went on to state Bitcoin’s “end use case” consisted of “fraud, anti-money laundering, tax avoidance,” and “sex trafficking.”

“If you can’t solve the bad use cases, the government’s probably going to have to close it down,” said Dimon.

However, Dimon also noted that he would “defend” people’s right to utilize the cryptocurrency.

“I don’t want to tell any one of you what to do,” the JPMorgan CEO said. “It’s a free country.”

JPMorgan’s involved in bitcoin

When Squawk Box co-anchor Andrew Ross Sorkin attempted to discuss Wall Street firms who have forayed into launching a spot Bitcoin ETF, Dimon attempted to shut down conversation on the topic.

“Number one – I don’t care,” Dimon said. “So please, stop talking about this sh-t.”

Dimon’s comments come just one week after the SEC approved numerous spot bitcoin ETF applicants. It should be noted that despite Dimon’s personal sentiment against bitcoin, JPMorgan serves as an authorized participant for BlackRock’s Bitcoin ETF.

Similarly, JPMorgan itself boasts a digital token entitled JPM Coin. According to the firm’s Global Head of Payments, Takis Georgakopolus, JPM Coin handles over $1 billion in transactions daily. However, the company expects that number to be closer to $10 billion in 2024.

Dimon takes the Senate

Dimon’s latest sentiments about Bitcoin echo those he made during a December Senate hearing wherein he fielded questions from Senator Elizabeth Warren, claiming he has “always been deeply opposed” to cryptocurrency.

“If I were the government, I’d close it down,” Dimon concluded.

Warren, for her part, has been outspoken against cryptocurrency, and is actively trying to pass two bills that would staunchly restrict the technology.

“When it comes to banking policy, I am not usually holding hands with the CEOs of multi-billion dollar banks, but this is a matter of national security,” Senator Warren said during the December Senate hearing.

However, during Wednesday morning’s CNBC appearance, the JPMorgan CEO lauded blockchain technology,  going so far as to call it “efficient.” Moreover, Dimon went on to suggest that “tokenizing” cryptocurrencies may be valuable in the future due to their “smart contract” technology.

Lastly, Dimon alleged on Wednesday that it would be “the last time” he discussed bitcoin, but it remains to be seen whether or not that’s true given his vocal history regarding the cryptocurrency.