Jamie Dimon, the CEO of JPMorgan Chase, has maintained that bitcoin is worthless, pointing out that its applications include financing terrorism, tax evasion, sex trafficking, and money laundering. But as a lead authorized participant, JPMorgan has partnered with Blackrock to assist the biggest asset manager in the world in expanding its spot bitcoin exchange-traded fund (ETF).
Jamie Dimon Says There Is No Value to Bitcoin
Even after 11 spot bitcoin exchange-traded funds (ETFs) were approved on Wednesday by the U.S. Securities and Exchange Commission (SEC), Jamie Dimon, the CEO of JPMorgan Chase, continues to maintain that bitcoin is worthless. During a Wednesday interview with Fox Business, Dimon stated:
I've always maintained that there is no value to bitcoin. The real-world applications include financing terrorism, tax evasion, money laundering, and sex trafficking.
The JPMorgan executive's remarks were consistent with what he said in December of last year before a Senate Banking Committee hearing. Senator Elizabeth Warren (D-MA) presented a question, to which Dimon replied, "I've always been deeply opposed to crypto, bitcoin, etc." You highlighted that criminals, drug dealers, anti-money laundering, and tax evasion are the real use cases for it. He added that if he were the government, he would outlaw cryptocurrencies.
As a lead authorized participant in the Ishares Bitcoin Trust, the largest asset manager in the world's spot bitcoin exchange-traded fund, JPMorgan has partnered with Blackrock. Additionally listed as an approved participant in the Invesco Galaxy Bitcoin ETF is JPMorgan.
One of the 11 bitcoin ETFs listed on the SEC's approved list on Wednesday was Blackrock's Ishares Bitcoin Trust. The fund will trade with the ticker symbol IBIT on the Nasdaq stock exchange. A few authorized spot bitcoin ETFs will also be listed and traded on the NYSE Arca and the Cboe BZX Exchange.
When do you think Jamie Dimon, the CEO of JPMorgan, will recognize the merits of bitcoin and change his mind? Tell us in the space provided for comments below.