- Jamie Dimon, JPMorgan CEO, faced criticism for the bank’s involvement with BlackRock’s proposed Bitcoin ETF, despite Dimon’s own anti-crypto comments.
- In December, Dimon said he would try to shut down crypto if possible, but later that month JPMorgan was named an authorized participant in BlackRock’s spot Bitcoin ETF.
- While JPMorgan has embraced some crypto technology like JPM Coin, Dimon’s negative stance on cryptocurrencies remains unchanged, drawing continued backlash.
JPMorgan CEO Jamie Dimon recently faced backlash from the crypto community for his company’s involvement with BlackRock’s proposed Bitcoin ETF, despite his own negative stance on cryptocurrencies.
Dimon’s Anti-Crypto Comments
In early December 2022, Dimon told US lawmakers that he would try to shut down crypto if he had the authority, claiming Bitcoin’s only use case is to facilitate crime. He has not publicly endorsed Bitcoin or cryptocurrencies.
JPMorgan Named as Authorized Participant
In late December, BlackRock filed an updated Form S-1 for its proposed spot Bitcoin ETF, naming JPMorgan as one of the authorized participants. An authorized participant can create and redeem shares of an ETF.
Crypto Community Points Out Hypocrisy
Many in the crypto space quickly called out the seeming hypocrisy of JPMorgan’s involvement despite Dimon’s anti-crypto comments. Some accused Dimon of misleading the public or gaslighting.
JPMorgan’s Complex Relationship with Crypto
While JPMorgan has criticized cryptocurrencies, the bank has also embraced certain aspects of the technology. JPMorgan launched its own crypto token JPM Coin in 2019 and recently rolled out a blockchain tokenization platform. The bank has also invested in crypto infrastructure firms like Consensys.
Dimon’s Stance Remains Unchanged
Despite the authorized participant designation, Dimon has given no indication that his skeptical views on crypto have changed. The CEO continues to face criticism from the crypto community as a result.