Jamie Dimon Dismisses Bitcoin’s Value
JPMorgan Chase CEO, Jamie Dimon, continues to assert that bitcoin has no intrinsic value, despite the recent approval of 11 spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). In an interview with Fox Business, Dimon reiterated his stance:
I’ve always said that bitcoin doesn’t have value … The actual use cases are sex trafficking, tax avoidance, money laundering, terrorism financing.
This statement echoes his previous comments made during a Senate Banking Committee hearing where he expressed strong opposition to cryptocurrency and its association with criminal activities.
JPMorgan Collaborates with Blackrock for Bitcoin ETF
Ironically, as Dimon dismisses bitcoin, JPMorgan has partnered with Blackrock, serving as a lead authorized participant for the asset manager’s spot bitcoin ETF, called the Ishares Bitcoin Trust. JPMorgan is also listed as an authorized participant for the Invesco Galaxy Bitcoin ETF.
Among the SEC-approved spot bitcoin ETFs is Blackrock’s Ishares Bitcoin Trust, which will be traded on the Nasdaq stock exchange under the ticker symbol IBIT. The NYSE Arca and Cboe BZX Exchange will also list and trade some of the approved spot bitcoin ETFs.
Hot Take: JPMorgan’s Contradictory Stance
JPMorgan Chase’s CEO, Jamie Dimon, maintains his belief that bitcoin is valueless, linking it to criminal activities. However, the same JPMorgan is actively involved in the growth of a spot bitcoin ETF with Blackrock. This contradictory stance raises questions about the sincerity of Dimon’s claims. As the market continues to embrace digital currencies, it remains to be seen how JPMorgan will navigate its conflicting positions in the cryptocurrency industry.
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