Jamie Dimon compares Bitcoin to smoking

JPMorgan CEO Jamie Dimon has reiterated his scepticism about Bitcoin (CRYPTO:BTC), likening it to smoking in a recent interview. 

On January 12, Dimon expressed concerns about Bitcoin’s lack of intrinsic value and its association with illegal activities. 

“Bitcoin itself has no intrinsic value. It’s used heavily by sex traffickers, money launderers, ransomware,” he stated.

Despite acknowledging that a form of digital currency will likely emerge in the future, he remains critical of Bitcoin specifically. 

Dimon emphasised that while individuals have the right to buy and sell Bitcoin, he does not believe it is a healthy investment choice. 

“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,” he remarked. 

This is not the first time Dimon has made such statements; he has previously referred to Bitcoin as a “Ponzi scheme” and a “pet rock” with no real value. 

However, he has consistently supported blockchain technology, recognizing its potential to transform financial transactions. 

“Blockchain is real. It’s a technology... It’s going to move money. It’s going to move data,” Dimon noted. 

Interestingly, despite his criticisms of Bitcoin, JPMorgan has invested in Bitcoin ETFs, indicating the bank's interest in digital assets. 

Dimon's comments reflect ongoing debates within traditional finance regarding the legitimacy and risks associated with cryptocurrencies. 

While some embrace Bitcoin's potential, others, like Dimon, continue to question its long-term viability and ethical implications.

At the time of reporting, the Bitcoin price was $93,364.27.