I hope you are all well and had an excellent week, welcome to CryptoGod-1’s blog on all things crypto related. Today I will be looking at recent comments made by the CEO of JPMorgan, Jamie Dimon.
Jamie Dimon View on Bitcoin
The CEO of JPMorgan, Jamie Dimon, has given some more words regarding his view on investing in Bitcoin. He gave these in his latest media appearance, where he appeared on the Wednesday morning segment on CNBC where he told the hosts of "Squawk Box" that “personal advice is don’t get involved” with the cryptocurrency.
He went on to state that Bitcoin's “end use case” consisted of “fraud, anti-money laundering, tax avoidance,” and “sex trafficking.” He also noted that “If you can’t solve the bad use cases, the government’s probably going to have to close it down.” He did not draw any lines around peoples rights when it came to cryptocurrency and Bitcoin, noting he would “defend” people’s right to utilize the cryptocurrency. “I don’t want to tell any one of you what to do,” the JPMorgan CEO said. “It’s a free country.”
The co-anchor of Squawk Box, Andrew Ross Sorkin, made attempts to discuss the actions of Wall Street firms who have entered into launching a spot Bitcoin ETF but Dimon was quick to shut down these conversation attempts. He noted that he does not care and does not want to talk about it.
These comments have been made in the wake of the recent approval by the Securities and Exchange Commission to approve a number of Bitcoin Spot ETF's, and it is also an interesting point of topic that despite Dimon’s personal sentiment against bitcoin, JPMorgan serves as an authorized participant for BlackRock’s Bitcoin ETF.
Not only that, JPMorgan has its own digital token entitled JPM Coin. The firms Global Head of Payments, Takis Georgakopolus, noted that the coin handles over $1 billion in transactions daily. The company also number to be closer to $10 billion in 2024.
Dimon had continued with the same stance he demonstrated back in December when at a Senate hearing he fielded questions from Senator Elizabeth Warren. At the time he claimed he has “always been deeply opposed” to cryptocurrency. He also noted that if he were part of the government he would look to close it down. Senator Warren echoed his sentiments at the time, noting:
“When it comes to banking policy, I am not usually holding hands with the CEOs of multi-billion dollar banks, but this is a matter of national security.”
She is also busy trying to push through two bills that would staunchly restrict the blockchain and Web3 technology. Dimon has a different take when it comes to blockchain technology, noting that it can be considered efficient. He also suggested that “tokenizing” cryptocurrencies may be valuable in the future due to their “smart contract” technology.
To conclude the discussion Dimon made it clear on Wednesday morning that it would be “the last time” he discussed Bitcoin. Given his history of being vocal against the cryptocurrency, it will be interesting to see if that holds true.
Have a great day,
CryptoGod-1.
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