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JPMorgan CEO Dimon Calls Bitcoin 'Ponzi Scheme,' 'Pet Rock,' Used by Criminals, Compares Buying It to Smoking

Jan 13, 2025, 02:56 PM

JPMorgan Chase CEO Jamie Dimon has intensified his long-standing criticism of Bitcoin, labeling the cryptocurrency as a 'Ponzi scheme' with 'no intrinsic value' and likening it to a 'pet rock.' In recent comments, Dimon compared purchasing Bitcoin to smoking, stating, 'I applaud your ability to want to buy or sell it, just like I think you have the right to smoke, but I don't think you should smoke.' He underscored his concerns by asserting that Bitcoin is 'used heavily by sex traffickers, money launderers, ransomware.' While reaffirming his skepticism toward Bitcoin's legitimacy, Dimon praised blockchain technology. Despite his stark stance against Bitcoin, JPMorgan Chase is involved in blockchain initiatives and has holdings in Bitcoin exchange-traded funds (ETFs), including acting as an authorized participant for BlackRock's Spot Bitcoin ETF. This underscores a complex relationship between the bank's operations and Dimon's personal views.