Jamie Dimon: Bitcoin Is ‘Not Good’ For You, Just Like Smoking

JPMorgan CEO Jamie Dimon has again expressed his negative stance on Bitcoin (BTC), saying that the coin has no fundamental value.

Dimon compared BTC to smoking, explaining that everyone has the right to smoke, but that doesn’t mean smoking is good. Dimon made his latest remarks during a January 12 interview with CBS News, stating that he isn’t against crypto since it has become apparent that a digital currency has become a necessity.

However, he stated that he doesn’t feel great about BTC since it’s largely used by malicious actors, money launderers, sex traffickers, and ransomware attackers.

Jamie Dimon Supports Blockchain Solutions

The JPMorgan CEO maintained that BTC’s price is fueled by speculations and not because of any value it offers. Previously, Dimon likened the cryptocurrency to market manics such as the Dutch tulip and has called it “worthless,” “pet rock,” and “hyped-up fraud.”

He insisted that BTC investors will likely lose their funds in the long term. Despite his criticism of the leading cryptocurrency, Jamie Dimon holds an optimistic view of blockchain technology.

He acknowledged that the technology has practical uses, which is why JPMorgan is involved in projects related to this technology, such as the JPM coin.

Voters Wanted More Pro-Business Policies – Dimon

During a later part of the interview, Jamie Dimon said Donald Trump‘s win at the last US election wasn’t a surprise to him. According to him, voters were attracted by Trump’s pro-business policies during his campaign.

The JPMorgan CEO explained that people no longer want constant lectures about social policies. He added that social superiority manifested in the several states he visited.

While sharing his view about the economy, Dimon expressed caution. He explained that he is “slightly optimistic” about the economy, even though it currently shows several positive signs, such as a robust stock market, low unemployment rates, and steady inflation.