JP Morgan CEO Jamie Dimon Reiterates Criticism of Bitcoin
JP Morgan CEO and longtime Bitcoin critic Jamie Dimon has once again expressed his negative views on the leading cryptocurrency. Dimon claims that Bitcoin is primarily used for illegal activities such as sex trafficking, tax evasion, money laundering, and terrorism financing. According to a report by Bloomberg, JP Morgan has been named an active participant in BlackRock’s pending Bitcoin ETF filing with the SEC.
Dimon Doubts Success of Bitcoin ETFs
During an interview with Fox Business, Dimon reiterated his opposition to Bitcoin and expressed doubts about the success of Bitcoin exchange-traded funds (ETFs). He believes that these financial products may not bring new capital to the market, citing the low interest in similar ETFs in Canada and Europe.
JP Morgan’s Blockchain Experiments
While Dimon continues to criticize Bitcoin as a form of payment or store of value, JP Morgan has been exploring blockchain technology. The banking giant launched its own permissioned cryptocurrency called JPM Coin in 2019. Last year, JPM Coin introduced a payment feature that enables companies to automate fund transfers for financial obligations.
Hot Take: Dimon’s Stance on Bitcoin
Jamie Dimon, the CEO of JP Morgan, maintains his critical stance on Bitcoin, claiming that it is primarily used for illegal activities. Despite this, JP Morgan has been involved in BlackRock’s Bitcoin ETF filing. Dimon also doubts the success of Bitcoin ETFs, stating that they may not attract new capital. While he opposes Bitcoin as a form of payment or store of value, JP Morgan has experimented with blockchain technology through its JPM Coin.
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