JPMorgan CEO Jamie Dimon took another opportunity to publicly voice his criticism of Bitcoin (BTC), saying his personal advice is not to get involved.
The use cases for Bitcoin are “AML, fraud, sex trafficking and tax avoidance,” said Dimon, speaking on CNBC from Davos on Wednesday. “I defend your right to do Bitcoin,” continued Dimon, who in testimony to Congress a month ago urged Sen. Elizabeth Warren to “shut it down.”
“I don’t want to tell you what to do,” Dimon added this morning. “My personal advice is not to get involved.”
He also said cryptocurrency is like a “pet rock” that “does nothing.”
Dimon seemed positive about cryptos outside of Bitcoin, noting that there are plenty of people to “do something with,” such as tokenizing real-world assets.
When asked about asset management giants like Fidelity and BlackRock delving into Bitcoin through spot ETFs, Dimon replied that he “doesn't care” and promised that this would be the last time he spoke about Bitcoin.
While Dimon says he may not care about the spot ETFs, JPMorgan in particular plays a key role for BlackRock's iShares Bitcoin ETF (IBIT) as one of the fund's authorized participants.
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