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Jamie Dimon Compares Bitcoin to Smoking, Criticizes Its Criminal Use
“Dimon Doubles Down on Bitcoin Skepticism Amid Trump’s Pro-Crypto Push
Bitcoin Faces Scrutiny as Dimon Warns of Crime Links and Value Gaps
Elon Musk’s Efficiency Plans and Dimon’s Bitcoin Concerns: What’s Next?
Jamie Dimon Criticizes Bitcoin, Cites Concerns Over Crime and Lack of Value
JPMorgan Chase (JPM) CEO Jamie Dimon has once again voiced his skepticism about Bitcoin, equating it to smoking in terms of personal choice but warning against its use.
“Bitcoin itself has no intrinsic value,” Dimon said in a CBS News (PARA) interview on Sunday. “It’s heavily used by sex traffickers, money launderers, and for ransomware. I just don’t feel great about Bitcoin.”
The cryptocurrency, which saw its price double over the past year due to Federal Reserve interest rate cuts and expectations of crypto-friendly policies under the incoming Trump administration, has recently fallen below $92,000 after reaching a record high of over $100,000 in December.
Bitcoin’s Role in Crime Under Scrutiny
Dimon’s concerns reflect growing attention to Bitcoin’s use in illicit activities. A report from ChainAnalysis highlighted that cryptocurrencies appeal to criminals due to their cross-border, instantaneous, and relatively low-cost nature, making them difficult to track.
This is not Dimon’s first critique of Bitcoin. He previously labeled it a “fraud” and a “Ponzi scheme” in a Bloomberg interview last April. During his latest remarks, Dimon reiterated his belief that, like smoking, individuals have the right to buy Bitcoin—but he personally advises against it.
Trump’s Pro-Crypto Agenda
Dimon’s comments come as Donald Trump prepares to take office with plans to legitimize cryptocurrencies further. Trump, who accepted campaign donations in Bitcoin, Ether, Dogecoin, and Solana, has positioned himself as a champion of the digital asset space.
At a Bitcoin conference in July, Trump pledged to establish a national Bitcoin reserve, arguing that the U.S. must become a global crypto leader to remain competitive with other economic powers like China.
Elon Musk’s Role in Government Reforms
Dimon also weighed in on Elon Musk’s ambitious plans to streamline government spending through the newly proposed Department of Government Efficiency (DOGE), spearheaded under Trump’s administration.
“He’s an extraordinary talent,” Dimon said, referring to Musk’s achievements with Tesla (TSLA) and SpaceX. “We should aim to make government more efficient. Is this the right way? I don’t know. But I want them to succeed.”
Musk, however, has tempered expectations, revising his initial projection of $2 trillion in government spending cuts to a more modest estimate of $1 trillion, citing the complexity of implementation.
As the Trump administration prepares to take office, both Dimon’s skepticism of Bitcoin and Musk’s reform plans highlight the polarizing debates shaping the U.S. economic and technological landscape.
