JPMorgan CEO Jamie Dimon says 'bitcoin doesn't have value' as potential spot ETF approval looms

Quick Take

  • JPMorgan CEO Jamie Dimon doubled down on his persistent criticism of bitcoin, saying the digital asset “doesn’t have value.”
  • Dimon’s comments in a television interview come as spot bitcoin ETFs are widely expected to finally gain approval today.
  • The bank he leads has been named as an authorized participant for BlackRock’s prospective spot bitcoin ETF.

JPMorgan Chase CEO Jamie Dimon used an interview with Fox Business to repeat his frequent criticism of bitcoin, saying the word's largest cryptocurrency by market capitalization "doesn't have value." His comments came amid anticipation that spot bitcoin ETFs could be approved later today, and despite the fact the bank he leads has been named as an authorized participant for BlackRock's prospective ETF.

"I don't care what other people do with bitcoin," Dimon said in the television interview. "But ... the actual use cases are sex trafficking, tax avoidance, anti-money laundering, terrorism financing; it's not just people buying and selling bitcoin. There's no value if you're buying and selling bitcoin."

It's widely expected spot bitcoin ETFs will gain approval around the close of today. The decision has been long awaited and often hyped, as an approval could have a dramatic impact on the entire digital assets industry.

'Deeply opposed to crypto'

Dimon's criticism of bitcoin is nothing new. Toward the end of last year, he told lawmakers that if he were in government, he would put an end to crypto.

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"I've always been deeply opposed to crypto, bitcoin, etc," Dimon said during a Senate Banking Committee hearing. "If I was the government, I'd close it down."

His view has been consistent for a while. “I personally think that Bitcoin BTC +1.64% is worthless,” Dimon said in 2021. "Our clients are adults, they disagree, that’s what makes markets, so if they want to have access to buy yourself Bitcoin, we can’t custody it but we can give them legitimate, as-clean-as-possible access."

BlackRock last month updated its filing with the SEC for its proposed spot bitcoin ETF, naming Jane Street Capital and JP Morgan Securities LLC as authorized participants. The move was widely noted in crypto circle's because of Dimon's well-known views. 

"Just another datapoint to update priors that we live in the clown world simulation when Jamie 'crypto should be banned' Dimon's firm would be a leading AP on the premier spot crypto ETF," Van Buren Capital's Scott Johnsson wrote on X at the time.


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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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