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JPMorgan CEO Says “No Thanks” to Bitcoin, But Opens Door for Clients

Published March 12, 2024 10:30 AM
Teuta Franjkovic
Published March 12, 2024 10:30 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • The CEO of JPMorgan Chase reiterates his personal disapproval of Bitcoin, comparing it to a “pet rock.”
  • Despite skepticism, Jamie Dimon acknowledges clients’ interest and allows JPM to participate in Blackrock’s Bitcoin ETF.
  • Edward Snowden criticizes the disconnect between Dimon’s personal dislike for Bitcoin and JPMorgan’s involvement.

Jamie Dimon, the CEO of JPMorgan Chase, reiterated his skepticism  towards cryptocurrencies, stating he has no intention of investing in bitcoin personally.

Despite his reservations, Dimon recognizes the interest of his clients in cryptocurrencies. Now, he has positioned his bank as an authorized participant in Blackrock’s spot Bitcoin exchange-traded fund (ETF).

Dimon Maintains Anti-Crypto Stance But Supports Client Investments

Dimon emphasized  the importance of supporting clients’ investment choices, highlighting a distinction between his personal views and professional responsibilities.

At the Australian Financial Review business summit on March 12, the bank chief reaffirmed his firm stance against Bitcoin and other cryptocurrencies.

He stated :

“I don’t know what the Bitcoin itself is for, but I defend your right to smoke a cigarette. I’ll defend your right to buy a Bitcoin. I won’t personally ever buy a Bitcoin.”

Snowden Critiques Dimon’s Stance Amid JPMorgan’s Involvement

Edward Snowden, a privacy advocate and former NSA contractor, took to twitter to respond to Dimon’s recent comments on Bitcoin. Snowden sarcastically noted  that despite Dimon’s personal disdain for Bitcoin, his acknowledgment of JPMorgan’s engagement with the cryptocurrency at its peak prices highlights a contrast between personal beliefs and institutional actions.

He mockingly quoted Dimon, emphasizing the CEO’s attempt to distance his personal investment choices from his firm’s actions in the cryptocurrency space.

The JPMorgan chief has consistently questioned the cryptocurrency’s value, despite his investment bank playing a significant role in Blackrock’s spot bitcoin exchange-traded fund (ETF).

Doubling Down on BTC Skepticism: Calls it ‘Pet Rock,’ Sees Price Drop

Jamie Dimon has compared Bitcoin to a “pet rock” and frequently highlighted its association with illicit activities such as sex trafficking, tax evasion, money laundering, and terrorism financing. At a Senate hearing, he expressed a hypothetical willingness to ban cryptocurrencies if he had governmental authority.

Despite his skepticism, Dimon acknowledges his clients’ interest in Bitcoin and supports their investment freedom, although he personally advises against it. Meanwhile, JPMorgan analysts have predicted a decline in Bitcoin’s price to $42,000 post-April’s halving event. However, they also suggested the market had already adjusted for both this and the upcoming Ethereum upgrade.

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