JPMorgan CEO Jamie Dimon recently bashed Bitcoin again, saying he believes it has no intrinsic value and calling it a “pet rock.” This is not the first time Dimon has shared his negative views on the cryptocurrency. However, he also said this would be the last time he talks about Bitcoin publicly.
In his latest comments, Dimon said Bitcoin has “no actual value” and he does not care about it. He compared investing in Bitcoin to buying a pet rock, implying it is a foolish purchase. Dimon said Bitcoin is “based on nothing” and he would fire any JPMorgan trader if they traded Bitcoin, noting it is against company rules.
Dimon has criticized Bitcoin and cryptocurrencies before. In 2017, he called Bitcoin a “fraud” though he later backtracked on those remarks. He has repeatedly warned investors about the risks of Bitcoin and voiced skepticism over its long-term viability.
The Future of Bitcoin
Despite Dimon’s criticism, Bitcoin has continued to grow. The cryptocurrency recently hit an all-time high price over $68,000 and has a market cap over $1 trillion. Major companies like Tesla and Square have invested in Bitcoin and it is gaining more mainstream adoption.
While Bitcoin is still highly volatile, it has survived and thrived for over a decade since its creation. Dimon’s criticism does not seem to have dampened enthusiasm for Bitcoin and blockchain technology in general. Whether his latest comments will have any impact remains to be seen. But the general trajectory for Bitcoin seems to point upward despite skepticism from major figures like Dimon.
Jamie Dimon has not been shy about sharing his negative views on Bitcoin over the years. He continues to argue Bitcoin has no intrinsic value and he would prohibit JPMorgan traders from trading it.
However, Bitcoin has gained significant traction and adoption despite criticism from Dimon. The cryptocurrency continues to reach new highs and seems poised for more growth in the years ahead. Dimon’s comments may capture headlines but likely will not determine the long-term success or failure of Bitcoin.