Bitcoin News and Finance

Jamie Dimon Insists Bitcoin Doesn’t Have Value as JPMorgan Teams up With Blackrock on Spot Bitcoin ETF

Jamie Dimon Insists Bitcoin Doesn’t Have Value as JPMorgan Teams up With Blackrock to Grow Bitcoin ETF

JPMorgan Chase CEO Jamie Dimon has insisted that bitcoin doesn’t have value, emphasizing that its use cases are sex trafficking, tax avoidance, money laundering, and terrorism financing. However, JPMorgan has teamed up with Blackrock to help the world’s largest asset manager grow its spot bitcoin exchange-traded fund (ETF) as a lead authorized participant.

Jamie Dimon Insists Bitcoin Has No Value

The CEO of JPMorgan Chase, Jamie Dimon, still believes that bitcoin has no value even as the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs) on Wednesday. In an interview with Fox Business on Wednesday, Dimon expressed:

I’ve always said that bitcoin doesn’t have value … The actual use cases are sex trafficking, tax avoidance, money laundering, terrorism financing.

The JPMorgan executive’s comment echoed his statement made during a Senate Banking Committee’s hearing in December last year. In response to a question by U.S. Senator Elizabeth Warren (D-MA), Dimon said: I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance.” He also said that he would close down crypto if he were the government.

Meanwhile, JPMorgan has teamed up with Blackrock as a lead authorized participant for the world’s largest asset manager’s spot bitcoin ETF, the Ishares Bitcoin Trust. JPMorgan is also named as an authorized participant for the Invesco Galaxy Bitcoin ETF.

Blackrock’s Ishares Bitcoin Trust was among the 11 spot bitcoin ETFs approved by the SEC on Wednesday. The fund will trade on the Nasdaq stock exchange under the ticker symbol IBIT. The NYSE Arca and the Cboe BZX Exchange will also list and trade some approved spot bitcoin ETFs.

When do you think JPMorgan CEO Jamie Dimon will change his mind and see the value of bitcoin? Let us know in the comments section below.

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