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JP Morgan CEO Advises To Not Get Involved With Bitcoin

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In a recent interview with CNBC, JP Morgan CEO Jamie Dimon says he advises to not get involved with Bitcoin. Indeed, Dimon stated that was his “personal advice” when asked by the television network. Moreover, JP Morgan holds a crucial role as an authorized participant (AP) for BackRock’s Spot Bitcoin ETF.

In addition to sharing his perspective, Dimon said it would be the last time that he would publicly discuss the digital asset. The JP Morgan executive has not been shy about his feelings toward the asset. However, he differentiated between the value of tokenization, and what he calls a “pet rock,” in Bitcoin.

Also Read: Jamie Dimon Would Close Down Bitcoin If He Were In Government

JP Morgan’s Jamie Dimon Says Not to Get Involved With Bitcoin

Just ten days into the new year, the digital asset sector saw a landmark development take place. Indeed, the US Securities and Exchange Commission (SEC) reversed a decade-long trend and approved the issuance of 11 Spot Bitcoin ETFs. Yet, despite the embrace of traditional finance asset management firms like Fidelity and BlackRock, not all are quick to champion the asset.

One such detractor is JP Morgan CEO Jamie Dimon, who told CNBC that he advises people to not get involved with Bitcoin. Specifically, Dimon said, “I defend your right to Bitcoin… It’s Okay… I don’t want to tell you what to do. My personal advice is don’t get involved.”

JPMorgan CEO Jamie Dimon Warns of a Possible Recession Within 6 to 9 Months
Source: Chron

Also Read: Bitcoin ETF: Arthur Hayes Anticipates Massive Capital Inflow

Additionally, Dimon discussed the difference between the Bitcoin phenomenon and the value of tokenization. He stated that smart contracts and blockchain-based technologies have immense value, but they differ from Bitcoin.

“There are crytocurrencies that do something, that might have value. And then there’s one that does nothing, I call it pet rock. The Bitcoin, or something like that.” Thereafter, Dimon said, “Blockchain is real. It’s technology. We use it… it’s efficient.”

What is interesting about the statement is that JP Morgan is currently the AP for BlackRock’s iShare’s Bitcoin Trust. Still, this perspective of the most prominent digital asset is not an isolated incident for Dimon. Indeed, he previously stated that he would discontinue the asset if he was in government.

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