JPMorgan CEO Jamie Dimon has once again criticized Bitcoin, arguing that it lacks intrinsic value and is frequently used by malicious individuals.
He likened investing in Bitcoin to smoking, asserting that, although people can choose, it is not a wise or advantageous decision.
In a CBS News interview, Dimon expressed that while he supports the idea of digital currency and does not oppose cryptocurrency, he believes Bitcoin lacks intrinsic value and is associated with illegal activities like sex trafficking and money laundering. He compared the right to trade Bitcoin to the right to smoke, suggesting that while individuals can make those choices, he does not endorse them.
Dimon has consistently argued that Bitcoin does not possess essential value; he has characterized it with terms like “fraud,” “hyped-up fraud,” and “pet rock,” comparing it to historical speculative bubbles like the Dutch tulip mania. He warns that investors may face negative repercussions. Despite his critical stance on Bitcoin, he acknowledges the potential of blockchain technology and highlights JPMorgan’s initiatives, including the development of JPM Coin.
He also commented on Donald Trump’s election victory, suggesting many voters desired pro-business policies. While recognizing positive economic indicators like low unemployment and a robust stock market, remaining “cautiously pessimistic” about the future. He attributed voter sentiment to frustration with ineffective governance and a desire for less condescension regarding social issues, emphasizing that people’s anger stemmed from feeling lectured by those in power.
Similarly, Hunter Horsley, CEO of Bitwise Asset Management, highlighted the potential effects of the incoming Trump administration’s deregulation of mergers and acquisitions on the cryptocurrency industry. He noted that major companies like Google and Amazon could expand through acquisitions, leading to increased corporate consolidation. Horsley believes this rise in corporate dominance could enhance the appeal of decentralized systems like cryptocurrency, which offer an alternative to centralized authority.
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