JPMorgan’s Jamie Dimon claims he is not against crypto, but likens Bitcoin to smoking

JPMorgan CEO Jamie Dimon compared Bitcoin to smoking in a recent interview, stating he does not condone it. However, he says he is not against cryptocurrency as a whole. In an interview with CBS News on Jan. 12, Dimon has reiterated his stance on Bitcoin ( BTC ) and cryptocurrency as a whole. Speaking to Lesley Stahl, he claims that he is “not against crypto” but he still believes that Bitcoin has no intrinsic value. In fact, he compared people who use Bitcoin to smokers. Dimon acknowledges their right to trade Bitcoin, but he believes they should not hold it. “So, I just don’t feel great about Bitcoin. I applaud your ability to wanna buy or sell it. Just like I think you have the right to smoke, but I don’t think you should smoke,” said Dimon. Moreover, Jamie Dimon declared that he views Bitcoin as a currency mainly used to facilitate criminal activities such as money laundering, sex trafficking and as payment for ransomware. The JPMorgan CEO’s recent statements indicate that though Dimon has softened towards crypto, his stance on Bitcoin specifically has not changed. You might also like: Jamie Dimon, who once vowed to shut Bitcoin, eyed by Trump for Treasury Secretary Even though a report by Crypto ISAC found that cash remains the preferred payment tool for illicit activity. Out of the total volume of estimated criminal transactions, only 0.34% of the transaction volume consists of cryptocurrencies. In addition, the U.S. Treasury also confirmed that cash continues to be the primary method for money laundering due to its anonymous and stable nature. In July 2024, Jamie Dimon was rumored to be Trump’s pick for Secretary of Treasury when he was running for president. Many traders at the time were worried that Dimon’s harsh stance on Bitcoin could spell out the end of crypto in the U.S. Jamie Dimon’s past sentiments on Bitcoin In the past, Jamie Dimon has called Bitcoin a “fraud” currency, believing it to be a channel for tax evasion, criminals and drug traffickers. At one point, Dimon even said that he would close down Bitcoin if he were serving as the government. Dimon has been vocal about his opposition towards Bitcoin since as early as 2014. In 2014, Dimon said Bitcoin was a “terrible store of value,” arguing that it could be easily replicated “over and over” and lacked the legitimacy of government-backed currencies. He even said that he would fire JPMorgan traders if they were found to be buying and selling Bitcoin. Though in March 2024, he claimed that he would be willing to support an individual’s right to purchase Bitcoin. Despite his strong opposition towards Bitcoin, Dimon does however support blockchain technology, praising it on multiple occasions. Even more astounding is the fact that Dimon’s bank, JPMorgan Chase, is an authorized participant of BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust. Read more: Jamie Dimon on Bitcoin: Don’t get involved