“The crypto’s main uses are for sex trafficking, money laundering and ransomware, claimed Dimon, a longtime foe of bitcoin.”, — write: www.coindesk.com
“Bitcoin itself has no intrinsic value,” he said in an interview with CBS News on Sunday. “It’s used heavily by sex traffickers, by money launderers, ransomware. So I just don’t feel great about Bitcoin.”
Similar to BlackRock CEO Larry Fink, Dimon was a longtime opponent of bitcoin. Unlike Fink — who underwent a 180 degree reversal in his views a couple of years ago — Dimon has continued holding the same negative outlook even as the bank he leads has profited off of bitcoin’s growing use as a financial product, including serving as an authorized participant for BlackRock’s spot bitcoin ETF.
JPMorgan also recently rebranded its blockchain platform, formerly Onyx, to Kinexys as it aims to double down on real world tokenization. The goal, according to JPM’s co-head of Payments Umar Farooq, is to reduce limitations of the current financial infrastructure, like tokenization of real-world assets (RWA). The banking giant said in November that it plans to introduce on-chain foreign exchange capabilities on its platform as soon as the first quarter of 2025.
Dimon’s most recent comments came just days ahead of Donald Trump reassuming the U.S. presidency. Trump and team have promised and at this point appear set on delivering a far friendlier regulatory environment for bitcoin and crypto in general.
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