JPMorgan Chase CEO Jamie Dimon recently reiterated his harsh criticism of Bitcoin, labelling it a "Ponzi scheme" and describing it as "useless as a pet rock" during a CBS interview.
Dimon, who has long been a vocal opponent of the cryptocurrency, compared Bitcoin to smoking, suggesting that just because people have the right to engage in certain activities doesn't mean they should.
The JPMorgan Chase CEO acknowledged that individuals are free to buy or sell Bitcoin but argued that its value is questionable and its usage is often linked to illegal activities.
Dimon's stance is not a blanket rejection of cryptocurrencies. While he criticizes Bitcoin for lacking real value, he has expressed a more favourable view of blockchain technology.
JPMorgan, under Dimon's leadership, has been actively involved in blockchain initiatives, such as the creation of JPM Coin, a digital currency designed to streamline transactions within the bank's network.
Despite his outspoken opposition to Bitcoin, JPMorgan holds a significant position in a Bitcoin exchange-traded fund (ETF), illustrating the bank's complex stance on the crypto market.
Dimon has also made headlines in the past by stating that he would "fire in a second" any JPMorgan employee caught trading Bitcoin.