Despite Potential Spot Bitcoin ETF Launch, Dimon Claims BTC Has no Value
Jamie Dimon, the CEO of JPMorgan Chase & Co, has once again expressed his criticism of Bitcoin. In an interview with Fox Business, Dimon stated that he believes Bitcoin has no value and that he doesn’t care what others do with the cryptocurrency.
“I don’t care what other people do with Bitcoin,” Dimon said. “But… the actual use cases are sex trafficking, tax avoidance, anti-money laundering, terrorism financing; it’s not just people buying and selling bitcoin. There’s no value if you’re buying and selling bitcoin.”
This criticism comes at a time when a spot Bitcoin ETF is expected to be approved and launched soon. If approved, Bitcoin will gain mainstream financial asset status.
JPMorgan’s recent involvement as an ‘Authorized Participant’ in BlackRock’s Bitcoin ETF contradicts Dimon’s stance. JPMorgan will play a key role in issuing and maintaining market efficiency for the ETF shares.
Other critics have also called out Bitcoin and the upcoming ETF as products designed to exploit the masses.
Is Bitcoin ETF Ready to Go Live?
All major issuers preparing for a spot Bitcoin ETF launch are ready to list and start trading the product.
CBOE has filed a notification approving the listing of ETFs from Ark 21Shares and Fidelity Investments. The SEC’s approval is the final hurdle before the product can be launched after a 10-year wait.
The market is poised to embrace the ETF, despite critics like Jamie Dimon discouraging participation in crypto investments. Market volatility suggests that both retail and institutional investors may choose to act differently.
Hot Take: Jamie Dimon Doubts Bitcoin’s Value Amid Spot Bitcoin ETF Approval
Jamie Dimon, CEO of JPMorgan Chase & Co, has once again expressed skepticism about the value of Bitcoin. His criticism comes as a spot Bitcoin ETF is expected to be approved and launched soon, potentially granting mainstream financial asset status to the cryptocurrency. Despite JPMorgan’s involvement as an ‘Authorized Participant’ in BlackRock’s Bitcoin ETF, Dimon maintains his stance that Bitcoin has no value. However, the market seems ready for the ETF, with major issuers prepared to list and trade the product. Despite critics like Dimon, investors may choose to participate in crypto investments due to current market volatility.
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