JPMorgan Chase (JPM) CEO Jamie Dimon has been one in every of Bitcoin’s most vocal critics, labeling it a “fraud,” a “Ponzi scheme,” and even “worse than tulip bulbs,” referencing the notorious Dutch tulip mania of the mid-1600s.
Dimon argues that Bitcoin does nothing, has failed as a foreign money, and as soon as acknowledged that if he have been in control of the federal government, he would shut it down entirely.
Regardless of Dimon’s outspoken disapproval, JPMorgan Chase has made notable investments within the cryptocurrency exchange-traded funds (ETFs) area. Final 12 months, the banking big disclosed to the SEC that it held $42,000 value of shares within the Grayscale Bitcoin Belief (GBTC). It additionally talked about liquidating BlackRock’s (BLK) iShares Bitcoin Belief ETF.
Furthermore, JPMorgan has actively explored blockchain know-how, even launching its personal dollar-backed digital foreign money, JPM Coin, designed to facilitate funds between purchasers.
In a nutshell, whereas Dimon continues to criticize Bitcoin, the corporate he leads stays deeply engaged in experimenting with cryptocurrency and blockchain know-how.
