JPM - Jamie Dimon: Bitcoin is a 'pet rock' that 'does nothing'

2024-01-17 09:41:56 ET

Bitcoin is like a “pet rock” that “does nothing”, says Jamie Dimon – the chief executive of JPMorgan Chase & Co (NYSE: JPM).

Dimon recommends against investing in BTC

Dimon’s remarks arrive only days after the U.S. Securities & Exchange Commission issued its much-anticipated approval for the Spot Bitcoin ETFs .

The world’s largest cryptocurrency by market cap is currently up over 100% versus its 52-week low. Still, the JPM executive told CNBC at the World Economic Forum in Davos on Wednesday:

My personal advice would be don’t get involved … but it’s a free country. This is the last time I’m ever going to state my opinion [on Bitcoin].

Dimon’s view is in stark contrast with Geoffrey Kendrick of Standard Chartered who expects BTC to hit $200,000 by the end of next year now that the U.S. regulator has approved the Spot Bitcoin ETFs ( find out more ).

Dimon agrees that blockchain technology is real

Dimon’s beef seems to be restricted only to Bitcoin, though, considering he agreed on Wednesday that “blockchain is real”.

In fact, the bank chief sounded onboard with Ethereum – a public blockchain that has empowered the use of smart contracts.

There’s a cryptocurrency which might actually do something. You can use it to buy and sell real estate and move data; and then there’s one which does nothing.

Dimon has long been a critic of Bitcoin that he sees as a worthless, hyped-up fraud . Still, BTC ended up outperforming all other asset classes in 2023.

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