- JPMorgan CEO Jamie Dimon maintains that Bitcoin is a tool for criminals.
- While Dimon has vowed never to purchase the asset himself, he asserts that he will defend the rights of others to do so.
- Market observers have called out the bank chief for hypocrisy.
Over the years, JP Morgan CEO Jamie Dimon has built a reputation as a Bitcoin skeptic, often linking the asset to criminal activities, bashing it as a scam, and calling for the government to ‘close it down.’ Historically, however, the bank chief has not been as firm when it comes to his customers and investors.
In the latest echo of this mixed messaging, Dimon asserted that he would defend people’s right to buy the leading crypto asset.
Dimon Likens Bitcoin to Cigarettes
Speaking via livestream at the Australian Financial Review business summit on Monday, March 11, JPMorgan’s Dimon reiterated his view that the practical use for Bitcoin lies in criminal activity like sex trafficking, fraud, and terrorism.
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Vowing never to purchase the asset “personally,” the JPMorgan chief noted that others were free to choose whether to buy the leading crypto asset, a choice he added he was willing to defend, likening it to the freedom of people to smoke a cigarette.
"I don't know what the bitcoin itself is for, but I defend your right to smoke a cigarette, I'll defend your right to buy a bitcoin. I won't personally ever buy a bitcoin."
Dimon’s recent statement offers another instance potentially highlighting the ability of profit to override the bank chief’s professed morals. JP Morgan has run six actively managed crypto funds since 2021 and is a key banking partner for BlackRock’s recently launched Bitcoin ETF. At the same time, institutional Bitcoin demand continues to soar, as evidenced by record inflows to newly launched spot Bitcoin ETFs.
Peak Hypocrisy?
Responding to Dimon’s statements, many argued that the JPMorgan chief’s effort to claim no Bitcoin involvement fell flat so long as the company he controlled benefitted from the leading cryptocurrency.
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Among those to call out Dimon was former National Security Agency contractor and privacy advocate Edward Snowden.
"jp morgan ceo admits that yes of course his gigantic firm will be buying bitcoin now that it achieved fresh all-time highs while he sat on the sidelines pouting, but, he counters, 'it doesn't count!' and 'i'm not owned! i'm not owned!' because he is not 'personally' buying it," he noted in an X post.
On the Flipside
- In January 2024, Dimon suggested that he was done talking about Bitcoin.
- Despite claiming to respect the right of people to buy Bitcoin, in a recent Senate Banking Committee hearing, Dimon stated: “If I was the government, I’d close it down.”
- While the JPMorgan chief maintains a personal opposition to Bitcoin, he champions the underlying blockchain technology.
Why This Matters
The JPMorgan chief’s statements are a nod to the growing allure of Bitcoin on Wall Street and the inability of institutions to ignore the potential profit opportunities.
Read this for more on Dimon’s stance on crypto:
Jamie Dimon’s Anti-Crypto Tirade Sparks Derisive Backlash
Learn more about Trump’s recent statements surrounding crypto:
