Jamie Dimon Labels Bitcoin a Tool for Crime While JPMorgan Profits from Crypto

JPMorgan Chase CEO Jamie Dimon continues to criticize Bitcoin, reiterating his view that the cryptocurrency lacks any inherent value.

In a recent interview with CBS News, Dimon stated, “Bitcoin has no intrinsic value. It’s frequently tied to activities like money laundering, ransomware, and trafficking, which makes me skeptical.”

Unlike BlackRock’s Larry Fink, who shifted to a pro-Bitcoin stance, Dimon remains unwavering in his criticism, even as JPMorgan capitalizes on crypto’s expansion. The bank plays a role in BlackRock’s spot Bitcoin ETF, highlighting its business pragmatism despite Dimon’s personal reservations.

At the same time, JPMorgan is leaning into blockchain technology. It recently rebranded its Onyx platform to Kinexys to focus on tokenizing real-world assets (RWA) and addressing inefficiencies in the financial system. Plans include launching on-chain foreign exchange services by early 2025.

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Dimon’s comments come as the incoming Trump administration signals plans for a more favorable regulatory environment for Bitcoin and crypto, which could reshape the industry. While Dimon’s skepticism persists, the broader market continues to embrace blockchain innovations, with JPMorgan adapting to the changing financial landscape despite its CEO’s critical stance.

Alexander Zdravkov