Jamie Dimon Says He's Not Against Blockchains But Trades Guns On Bitcoin Again—It Has No Intrinsic Value: 'I Just Don't Feel Great About...'

Jamie Dimon, the CEO of banking behemoth JPMorgan, reiterated his critical stance on Bitcoin (CRYPTO: BTC) while recognizing the importance of blockchain technology.

What happened: In an interview with CBS News on Sunday, Dimon praised blockchain’s role in facilitating money and data transfers and acknowledged that JPMorgan was also using the technology.

"They'll have uses," he said about blockchains but rued that much of the emphasis in the last 10-15 years has focused solely on Bitcoin.

Dimon went on to say that while he wasn’t against cryptocurrency in general,  Bitcoin had "no intrinsic value" in his opinion.

Known for his unhinged takes on the world's leading cryptocurrency, the CEO of the world's most valuable bank added, " It’s used heavily by s*x traffickers, money launderers, and ransomware, so I just don’t feel great about Bitcoin."

See Also: Shytoshi Kusama Outlines TREAT Token’s Usefulness Ahead Of Launch, Optimistic Whales Buy Up Shiba Inu

Why It Matters: While the use of cryptocurrencies for illicit purposes is not debated, it wasn’t just Bitcoin that facilitated it. 

Unsealed court documents from Nov. 2024 revealed how both Bitcoin and U.S. dollar-backed stablecoin Tether (CRYPTO: USDT) were used by drug cartels to launder money.

Moreover, the U.S. Treasury Department, in its 2024 National Money Laundering Risk, recognized that the use of virtual assets for money laundering remains far below that of fiat currency.

Meanwhile, JPMorgan, despite its CEO's apprehensions, is exposed to Bitcoin’s price movements.

As per the latest 13F filings, the bank held roughly $65,000 worth of Bitcoin exchange-traded fund shares, with sizable investments in iShares Bitcoin Trust ETF (NASDAQ:IBIT) and Fidelity Wise Origin Bitcoin Fund (BATS:FBTC).

Price Action: At the time of writing, Bitcoin was exchanging hands at $93,771.79, down 0.59% in the last 24 hours, according to data from Benzinga Pro.

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