In a recent interview with Lesley Stahl, Jamie Dimon, the CEO of JPMorgan, reiterated his long-standing criticism of Bitcoin, a position he has held since 2014.
Dimon continues to question the cryptocurrency’s worth, citing concerns over its speculative nature and its association with illicit activities.
Despite Bitcoin’s growing popularity and market value, Dimon remains an outspoken critic. He has consistently raised alarms about the cryptocurrency’s volatility, its use in illegal transactions, and its lack of regulatory oversight. In his CBS interview, Dimon expressed his discomfort with Bitcoin, stating, “I just don’t feel great about Bitcoin,” while acknowledging its increasing influence. He pointed to Bitcoin’s association with illegal activities, including sex trafficking, money laundering, and ransom payments, as a primary reason for his unease. “Bitcoin itself has no intrinsic value,” Dimon emphasized.
Dimon likened his views on Bitcoin to smoking. While he respects individuals’ right to trade Bitcoin, he said, “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.”
While critical of Bitcoin, Dimon has expressed admiration for blockchain technology—the decentralized system that powers cryptocurrencies. He has praised blockchain for its potential to transform financial transactions and data transfer, revealing that JPMorgan already uses blockchain for certain functions. “The use of blockchains for money, moving money, moving data, we already use it,” Dimon noted.
JPMorgan’s Paradoxical Position
Despite Dimon’s harsh stance against Bitcoin, JPMorgan’s involvement in the cryptocurrency space is notable. The bank is an authorized participant in BlackRock’s iShares Bitcoin Trust, a spot Bitcoin ETF, which seems to contradict Dimon’s outspoken criticism of Bitcoin.
Dimon’s skepticism is well-documented. In 2017, he called Bitcoin a “fraud” and even threatened to fire JPMorgan employees caught trading the digital asset. Just last year, he once again discouraged investment in Bitcoin, cautioning people to stay away from the volatile cryptocurrency.
Bitcoin’s Continued Rise
Despite Dimon’s persistent criticism, Bitcoin’s value continues to climb. From its humble beginnings at $0 in 2009, Bitcoin reached a peak of $69,000 in November 2021 and hit an all-time high of $108,135 in December 2024. Several factors have contributed to Bitcoin’s surge, including Bitcoin halving events, the approval of Bitcoin Spot ETFs in January, and Donald Trump’s election in 2024.
Currently, Bitcoin is trading at $90,597, reflecting a slight 3.87% drop in the last 24 hours. The growing interest in Bitcoin has led states like Ohio, Pennsylvania, and Texas, as well as countries such as the Czech Republic, to explore establishing Bitcoin reserves. While Dimon’s criticisms continue, Bitcoin’s price trajectory suggests a future that could see it reach as high as $150,000, solidifying its place as a widely accepted store of value.