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The chief executive of JPMorgan Chase, Jamie Dimon, has doubled down on his anti-crypto stance, declaring that he will never personally buy bitcoin. His investment bank, however, is an authorized participant for Blackrock’s spot bitcoin exchange-traded fund (ETF). Despite his personal reservations about bitcoin, Dimon acknowledged his clients’ interest and championed their freedom to invest.
Jamie Dimon Continues His Anti-Crypto Stance
JPMorgan Chase CEO Jamie Dimon reiterated his strong opposition to bitcoin and cryptocurrencies at the Australian Financial Review business summit via a livestream from New York on Tuesday.
“I don’t know what the bitcoin itself is for, but I defend your right to smoke a cigarette. I’ll defend your right to buy a bitcoin,” the executive emphasized, adding:
I won’t personally ever buy a bitcoin.
Dimon’s comment sparked much criticism on social media. Edward Snowden, a privacy advocate and former National Security Agency (NSA) contractor and whistleblower, opined on X: “JPMorgan CEO admits that yes of course his gigantic firm will be buying bitcoin now that it achieved fresh all-time highs while he sat on the sidelines pouting, but, he counters, ‘it doesn’t count!’ and ‘I’m not owned! I’m not owned!’ because he is not ‘personally’ buying it.”
The JPMorgan boss has long been a vocal critic of bitcoin. He has repeatedly stated that the crypto doesn’t have value even as his investment bank became a key player in Blackrock’s spot bitcoin exchange-traded fund (ETF). He has likened BTC to a pet rock and often said the actual use cases for bitcoin are sex trafficking, tax avoidance, money laundering, and terrorism financing. In a Senate hearing, he said he would shut down cryptocurrency if he were the government.
Despite his personal disapproval of bitcoin, Dimon recognizes his clients’ interest and has stated that he defends their right to choose their investments, including BTC. However, he continues to caution against such investments, advising in January: “My personal advice is: don’t get involved.”
Meanwhile, JPMorgan’s analysts have warned that the price of bitcoin would drop to $42,000 after the bitcoin halving event in April. They see the upcoming major Ethereum upgrade and the halving event as already “largely priced in.”
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