JPMorgan Chase (JPM) Chief Executive Officer Jamie Dimon remains skeptical of cryptocurrencies and says he sees “no value” in Bitcoin (BTC).
Stay Ahead of the Market:
- Discover outperforming stocks and invest smarter with Top Smart Score Stocks
- Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener
In an interview with CBS News, Dimon said: “Bitcoin itself has no intrinsic value… It’s used heavily by sex traffickers, by money launderers, ransomware. So, I just don’t feel great about Bitcoin.” Dimon’s latest comments are consistent with his long-held views on crypto.
The Wall Street veteran has consistently criticized Bitcoin and other cryptocurrencies even as the bank he runs profits from Bitcoin’s growing use as a financial product. Dimon has said that JPMorgan Chase will give its customers the products they want, including cryptocurrencies.
However, he has also said that doesn’t mean crypto is a good investment.
JPMorgan’s Crypto Moves
Still, JPMorgan Chase recently rebranded its blockchain platform, formerly Onyx, to Kinexys as it aims to capitalize on real world tokenization. The bank also announced last November that it plans to introduce on-chain foreign exchange capabilities as soon as the first quarter of this year.
Dimon’s latest criticism of Bitcoin comes days ahead of U.S. president-elect Donald Trump’s inauguration. Trump has promised a friendlier regulatory environment for Bitcoin and other crypto. Bitcoin rose 120% in 2024 and hit a new all-time high of nearly $110,000. It is currently trading at $96,500.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has risen 40% in the last 12 weeks.
