JPMorgan CEO Dimon criticizes Bitcoin again: Ponzi fraud, like pet stone

JP Morgan CEO Jamie Dimon recently publicly criticized Bitcoin again. On CBS News Sunday Morning, he criticized Bitcoin as a "Ponzi scheme" and compared its value to a "pet stone" with no practical value. Dimon's criticism focused on Bitcoin's lack of intrinsic value and its association with illegal activities such as money laundering and malware.

Dimon's long-term questioning of cryptocurrency

Dimon's negative reviews of cryptocurrencies have a long history. Although he acknowledged that blockchain technology has potential in the field of financial innovation, he repeatedly stated that Bitcoin is a "waste of time and money."

He said: "I personally think Bitcoin is not good. I respect your right to buy and sell it, just like I think you have the right to smoke, but I don't think you should smoke!"

His inconsistent remarks have always attracted much attention. For example, in April 2024, he once again called Bitcoin a Ponzi scheme, believing it lacks the necessary conditions to become a mainstream currency. However, he also acknowledges that certain cryptocurrencies with practical application value, such as types that support smart contracts, may have some value.

Dimon's attitude has changed repeatedly over the years. Back in 2018, he even apologized for calling Bitcoin a scam before, in stark contrast to his usual strong criticism. This swinging attitude has left many observers confused about their true position on the cryptocurrency market.

The divergence between actions and speech

Some of Dimon's behavior also caused controversy. He has said that if JPMorgan employees are found trading Bitcoin, he will "fire immediately." At that time, the price of Bitcoin was only $4,000, which was far below the subsequent all-time high.

However, despite the public comments, JPMorgan secretly adopted certain elements of the cryptocurrency ecosystem, further highlighting the complex relationship between Dimon and Bitcoin.

JP Morgan's double standard for cryptocurrency

While Dimon continues to criticize Bitcoin, JPMorgan has adopted a more pragmatic approach to blockchain technology and cryptocurrencies. The bank provides Bitcoin-related products to specific customers and actively explores blockchain applications, which is in stark contrast to the CEO's comments.

This kind of disagreement of words and deeds has attracted criticism from the outside world. John Deaton, founder of Crypto Laws US, points to the double standard of Dimon. "As always, Jamie Dimon has different words and deeds," Deaton said that despite Dimon's sharp criticism, JPMorgan has long been involved in Bitcoin-related activities.

Deaton also pointed out that Bitcoin transactions related to illegal activities account for only less than 1% of its total transaction volume, which is inconsistent with Dimon's claim. In addition, JPMorgan’s own regulatory record has also been controversial, with fines of more than $40 billion for various violations over the years.

Sarcastic institutional investment

More ironic, JPMorgan holds 387 shares of the Bitcoin exchange-traded fund (ETF) launched by BlackRock, as well as 775 shares of the Grayscale Bitcoin Trust. These investments show that despite Dimon's public mocking of Bitcoin, JPMorgan still shows some institutional interest in the cryptocurrency market.

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