Jamie Dimon, the CEO of JPMorgan, continues to express skepticism about Bitcoin; however, he emphasized that his personal views won’t impact the bank’s business strategies.
During the bank’s annual investor day in New York on Monday, Dimon remarked on the challenges posed by Bitcoin, stating, “When I look at the Bitcoin universe, the leverage in the system, the misuse.” He highlighted concerns regarding its potential for misuse in activities like sex trafficking and terrorism.
Despite his reservations, Dimon indicated that JPMorgan will facilitate the purchase of Bitcoin for clients, although the bank will not provide custody services. “I don’t think we should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin, go at it,” he commented.
JPMorgan Chase CEO Jamie Dimon Speaks at Investor Day 5/19
Bitcoin, currently the leading cryptocurrency by market cap, hovers near its all-time high of $106,734.51 from last year.
DIMON CRITICIZES HIGH MORTGAGE RATES, PLACES RESPONSIBILITY
Dimon’s critical stance on Bitcoin is not new; he has previously labeled it as “worthless.” At a virtual event hosted by the Institute of International Finance in 2021, he stated, “I personally think that Bitcoin is worthless. But I don’t want to be a spokesman for that, I don’t care. It makes no difference to me.” He has also referred to the cryptocurrency as “fools gold.”
Despite Dimon’s skepticism towards cryptocurrencies, shares of JPMorgan Chase have risen over 10%, outperforming the S&P 500, which has remained flat this year.
In January 2024, the Securities and Exchange Commission approved the first Bitcoin exchange-traded fund (ETF), leading to an influx of new offerings from various firms and making the asset class more accessible to both institutional and retail investors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IBIT | ISHARES BITCOIN TRUST – USD ACC | 59.84 | -0.15 | -0.26% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN FUND – USD ACC | 91.89 | -0.27 | -0.29% |
| GBTC | GRAYSCALE BITCOIN TRUST ETF – USD ACC | 83.01 | -0.23 | -0.28% |
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The iShares Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin ETF, and Grayscale Bitcoin Trust ETF currently dominate the market as the largest funds based on assets under management, according to ETF.com.
