Home Finance Jamie Dimon, CEO of JPMorgan, reiterates his negative stance on bitcoin and...

Jamie Dimon, CEO of JPMorgan, reiterates his negative stance on bitcoin and other virtual assets.

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While there are many bitcoin enthusiasts confident in the crypto-currency’s existence, there are also unrepentant bitcoin critics like JPMorgan CEO Jamie Dimon. The CEO has made several negative comments about crypto-currencies and continues to express his stance against all virtual currencies.

One of his famous criticisms against bitcoin dates back to 2017, when he called the leading crypto asset “fraud“. To reinforce his opposition to the digital asset, he added that any JPMorgan trader caught trading BTC would be immediately fired.

Over time, Jamie Dimon has softened his stance on crypto-assets but remains opposed to bitcoin. Some time ago, he revealed his belief in blockchain technology, noting that the emerging technology has value. JPMorgan has also explored blockchain despite the CEO’s stance on crypto-currencies.

Jamie Dimon is particularly opposed to bitcoin and everything it stands for. He reiterated his opinion on bitcoin and other crypto-currencies while speaking at the company’s 41st annual health conference. He called the digital currency “aspeculative “asset” that can never replace real money or become an effective payment system.“The JPMorgan boss added that cryptocurrencies have become a standard tool among criminals for illicit activities. In fact, Dimon said that virtual assets are used more for illegal activities than for legal ones. The businessman also explained that the volatility of crypto-currencies explains why some people invest in them instead of acquiring tangible products and investing in services.

In a tweet, Atrium Health’s director of innovation and commercialization, Rasu Shreshtha, wrote that Dimon called the crypto “decentralized Ponzi scheme“. This is the umpteenth time Jamie Dimon has attacked bitcoin and other altcoins. Last year, the CEO called bitcoin “dirty” and “dear“. He criticized crypto-currency at the Institute of International Finance meeting held in Wasghton in October 2021. The billionaire said he would “never” buy crypto-currencies.

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While Jamie Dimon remains a critic of bitcoin, JPMorgan has continued to make waves in the blockchain sector. The company already allows tokenized U.S. dollar deposits with JPM Coin. Coinspeakr also reported in October that the financial services company is creating a payment opportunity for non-fungible tokens. The company has partnered with With Visa to unveil a joint blockchain payment gateway. Reports showed that the duo planned to roll out the payment gateway in several countries.

There have also been discussions about NFT media music at JPMorgan.

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