Jamie Dimon, CEO of JPMorgan Chase, remarked about Bitcoin during a televised interview at the World Economic Forum summit in Davos.
Speaking on CNBC, Dimon labeled the pioneering cryptocurrency a ‘pet rock’ with no practical use cases from illegal activities.
“The use cases for Bitcoin are AML [anti-money laundering], fraud, sex trafficking, and tax avoidance,” stated Dimon. He repeats his long-held doubtful view of the digital asset, saying, “My advice is don’t get involved.”
While defending people’s right to invest in Bitcoin, Dimon dismissed its utility, comparing it to a pet rock that “does nothing.” This continues a years-long pattern of banking leaders making negative pronouncements about Bitcoin.
Dimon qualified his criticism by asserting he did not aim to obstruct Bitcoin investing or trading activities. “I don’t want to tell you what to do,” he commented.
However, he repeated his recommendation that people abstain from allocating funds to the extremely unstable cryptocurrency. Dimon had previously joked he would “fire in a second” any JPMorgan trader caught trading Bitcoin.
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