Jamie Dimon, CEO of JPMorgan Chase, reiterated his belief that Bitcoin is worthless during an interview with Fox Business. Despite this, JPMorgan filed as an Authorized Participant in BlackRock’s Spot Bitcoin ETF, indicating a contradiction as the bank services a Bitcoin-linked ETF while its CEO deems it valueless. Dimon’s negative outlook on cryptocurrencies has been consistent, even expressing a desire to ban them if he had governmental power.
Dimon has been vocal about his disdain for cryptocurrencies, suggesting their primary uses are for illicit activities such as prostitution, tax evasion, money laundering, and terrorist financing. He maintains that trading Bitcoin is without value, a sentiment he has shared openly in the past.
Despite his personal views, Dimon acknowledged that his customers are adults with differing opinions, and if they wish to access Bitcoin, JPMorgan can facilitate this. He emphasizes providing legitimate and clean access to Bitcoin for those interested.
In a Senate Banking Committee session, Dimon stated his deep opposition to cryptocurrencies and Bitcoin, claiming he would shut them down if he were in charge. His company, however, has not refrained from engaging in agreements for spot Bitcoin ETFs.
While discussing money laundering and terrorism financing, it’s noteworthy that Deutsche Bank faced a $186 million fine last year for related offenses. Other financial institutions like Bank of Queensland, Guaranty Trust Bank UK Ltd, and ADM Investor Services International Ltd also faced penalties in 2023.