JP Morgan CEO Jamie Dimon Brings Bitcoin FUD to Davos

Jamie Dimon, the CEO of JPMorgan, reiterated his views toward Bitcoin at the 2024 World Economic Forum in Davos, maintaining his long-standing skepticism towards the cryptocurrency OG.

"My personal advice is not to get involved in Bitcoin," Dimon said on the sidelines of the Davos meeting, adding that its use cases are “AML, fraud, tax avoidance, sex trafficking.”

Dimon then called the cryptocurrency a "pet rock" as it "does nothing." When asked about the launch of spot Bitcoin ETFs by rival asset management giants, he said he "doesn't care" and said that this would be the last time he talks about it.

He did, however, acknowledge the technological potential of blockchain, distinguishing it from his views on Bitcoin. Dimon sees blockchain as a real and useful technology for moving money and data efficiently, and he recognizes the potential value in cryptocurrencies that support smart contracts and can be used for tangible applications, like real estate transactions. Despite his criticisms, he stated that he defends people's right to use Bitcoin, though his personal advice would be to avoid it.

Last month, Dimon laid heavily into crypto, “I’ve always been deeply opposed to crypto, Bitcoin, etc.,” Dimon said. “If I was the government, I’d close it down,” he said at a Senate hearing.

Dimon's position marks a clear contrast to Argentine President Javier Milei, who delivered a special address at the meeting. Milei's libertarian view embraces Bitcoin as a symbol of economic freedom and minimal state intervention - a topic that was central to his speech that painted socialism as a "danger" for West.