Jamie Dimon advises against getting involved with Bitcoin
Despite being involved in BlackRock’s SEC-approved Bitcoin ETF, JPMorgan CEO, Jamie Dimon, maintains his negative stance on cryptocurrency and skepticism towards Bitcoin (BTC).
During an interview at the 2024 World Economic Forum in Davos, Dimon expressed his belief that Bitcoin has limited utility and primarily serves as a means for illegal activities such as fraud, money laundering, tax evasion, and sex trafficking. He emphasized that the true value of blockchain lies in the tokenization of real-world assets like real estate, rather than in cryptocurrencies like Bitcoin.
Although JPMorgan is an authorized participant in BlackRock’s iShares Bitcoin Trust ETF, Dimon admitted to being unsure of Larry Fink’s position on the emerging digital asset industry. However, he made it clear that he personally would not recommend anyone to get involved with Bitcoin.
Dimon’s remarks in Davos echo his previous testimony to Congress, where he stated that he would shut down Bitcoin if he were the US government, attributing its use mainly to criminal operations. However, recent reports from Chainalysis have revealed that less than 1% of crypto transactions are linked to illegal activities.
On the other hand, Larry Fink, CEO of BlackRock, which collaborates with JPMorgan for its Bitcoin fund, expressed the firm’s interest in another crypto-related product based on the second-largest digital asset, Ethereum (ETH).
Since its launch on January 11, BlackRock’s Bitcoin ETF has traded hundreds of millions of dollars, along with other Bitcoin funds from issuers like ARK 21Shares, Bitwise, and VanEck. However, Grayscale’s GBTC has experienced consecutive days of outflows.
Read more: BlackRock’s Larry Fink highlights the value of Ethereum ETFs and the crypto asset class.
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