The CEO of JPMorgan unleashes the Anti-Bitcoin storm in Davos!

Jamie Dimon, JP Morgan’s CEO, took advantage of the World Economic Forum at Davos to reiterate his sharp criticisms of Bitcoin, even comparing it to a “pet rock” with no value. However, his group continues to get involved in the crypto market.

Jamie Dimon Publicly Attacks Bitcoin Again

Jamie Dimon, CEO of JP Morgan, has never hidden his antagonism towards Bitcoin. On Wednesday, at the Davos Forum, he did it again, in front of cameras from all around the world. “My advice is to stay away from it,” he thundered, with his usual composure, addressing the queen of cryptos.

Disdainful of the very concept of decentralized currency challenging banks, Mr. Dimon sees it merely as a tool for laundering dirty money, tax evasion, and all sorts of illicit trafficking. His remarks are as vehement as those he has publicly made in the past.

“Bitcoin is nothing more than a vulgar pet rock, with no real utility“, he declared with his typical eloquence.

Indeed, the JP Morgan chief had urged the American Congress last December to simply “shut down” Bitcoin. A move that outraged a part of the crypto ecosystem.

JPMorgan Gets Involved Despite Its CEO’s Diatribes

Despite his repeated attacks against Bitcoin, Jamie Dimon is more measured when it comes to other cryptos. He acknowledges that some may prove useful for tokenizing real-world assets.

The radically anti-Bitcoin stance of Jamie Dimon is surprising, considering many traditional banks are now seriously interested in cryptos.

At the same time, JPMorgan does not hesitate to ride the Bitcoin wave, offering index funds tied to its value or even a digital asset custody service launched in 2021. The bank is even an official partner of the recent BlackRock spot ETF, thus allowing its wealthy clients to be exposed to Bitcoin’s fluctuations.

One might then wonder if behind his media tirades, Jamie Dimon is partly posturing politically. His public outbursts obscure the fact that JP Morgan, like its competitors, is adopting cryptocurrencies to its advantage.

When specifically asked about the increasing involvement of giants like Fidelity or BlackRock, Mr. Dimon dodged the question, stating he “didn’t care”. He also said that it would be the last time he spoke on this sensitive subject.

The discourse of the tempestuous banker seems decidedly out of date in light of the facts. JP Morgan is indeed integrating crypto, even though its CEO continues to publicly decry it.