JPMorgan Chase CEO criticizes Bitcoin again, but is not against Crypto

JPMorgan Chase CEO Jamie Dimon has once again criticized Bitcoin, saying it has no intrinsic value and is often abused by bad actors. He also compared trading Bitcoin to the act of smoking, saying people may have the right to smoke, but that doesn't mean it's a good idea. "We're going to have some kind of digital currency at some point. I'm not against cryptocurrencies. Bitcoin itself has no intrinsic value. It's heavily used by sex offenders, money launderers, and ransomware. So, I don't feel very good about Bitcoin," Dimon said in an interview last Sunday. "I agree that you have the ability to buy and sell Bitcoin. Just like I think you have the right to smoke, but you shouldn't smoke." "Dimon has long argued that Bitcoin lacks intrinsic value, saying it primarily fuels speculation. In the past, he has called Bitcoin a "fraud," a "pet rock," and "worthless." He has also compared it to speculative bubbles such as the Dutch tulip mania. Dimon warned that investors could face negative outcomes. While he criticized Bitcoin, he had a more positive view on blockchain technology. Dimon recognized its practical uses and highlighted JPMorgan's involvement in blockchain-based projects such as JPM Coin. (CBS News)