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

Published March 12, 2024 10:30 AM

By Teuta Franjkovic

Edited by Peter Henn

Client interest trumps Dimon's personal opinion. | Credit: Win McNamee/Getty Images

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.”

“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.” – Jamie Dimon

Actually, 7 years ago you would fire anyone at JPMorgan who bought a bitcoin

— zerohedge (@zerohedge) March 12, 2024

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.

jp morgan ceo admits that yes of course his gigantic firm will be buying bitcoin now that it achieved fresh all-time highs while he sat on the sidelines pouting, but, he counters, "it doesn't count!" and "i'm not owned! i'm not owned!" because he is not "personally" buying it. https://t.co/F5NdeV59Dm

— Edward Snowden (@Snowden) March 12, 2024

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.

"There are cryptocurrencies that do something, that might have value. And then there's one that does nothing, I call it pet rock. The Bitcoin, or something like that," JPMorgan, $JPM , CEO Dimon said: "It has some use cases. Everything else is people trading among themselves." pic.twitter.com/ao5OMbykPp

— unusual_whales (@unusual_whales) January 28, 2024

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About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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