What to know:
- JPMorgan Chase CEO Jamie Dimon continues to be an opponent of bitcoin.
- Dimon said the largest cryptocurrency is used for sex trafficking, money laundering and ransomware.
The CEO of JPMorgan Chase, Jamie Dimon, consistently maintains a particular stance regarding Bitcoin.
In a conversation with CBS News on the 7th, he expressed that Bitcoin doesn’t have any inherent worth. He further explained that it is extensively utilized by criminal networks such as sex traffickers, money launderers, and ransomware operators. As a result, he feels uneasy about Bitcoin.
In line with Larry Fink, the CEO of BlackRock, Dimon has been a persistent critic of Bitcoin for quite some time. Unlike Fink who experienced a significant change in his perspective a couple of years back, Dimon has persisted with his negative stance, despite the bank he heads making profits from Bitcoin’s increasing use as a financial product, including acting as an authorized participant for BlackRock’s spot Bitcoin ETF.
JPMorgan has recently renamed its blockchain platform, previously known as Onyx, to Kinexys. This rebranding is part of their strategy to focus more on real-world tokenization. As explained by Umar Farooq, co-head of Payments at JPM, the aim is to remove constraints from the current financial system, particularly by tokenizing real-world assets (RWA). The bank announced in November that it intends to launch on-chain foreign exchange functionalities on its platform as early as the first quarter of 2025.
Just a few days before Donald Trump resumes his position as U.S. President, Dimon’s latest remarks were made. Trump and his associates have expressed intentions and seem determined to implement a significantly more accommodating regulatory atmosphere towards Bitcoin and cryptocurrencies in the near future.
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2025-01-13 21:06