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JPMorgan Compares Bitcoin to Smoking Cigarettes

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Tue, 12/03/2024 - 5:41
JPMorgan Compares Bitcoin to Smoking Cigarettes
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Jamie Dimon, CEO of JPMorgan Chase, has made a controversial comparison between Bitcoin and cigarette smoking. 

The influential banker has stated that he supports the right to buy Bitcoin, but he personally would never invest in it. 

During his speech at the Australian Financial Review business summit, Dimon expressed skepticism about the cryptocurrency's utility, associating it with illicit activities like sex trafficking, fraud, and terrorism. 

Dimon's persistent critique of Bitcoin

Long known for his critical stance on Bitcoin, Jamie Dimon has once again advised potential investors to steer clear of the cryptocurrency. 

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In a recent CNBC interview, Dimon differentiated between blockchain technology and Bitcoin, praising the former for its efficiency and potential for real-world application through tokenization. At the same time, he dismissed Bitcoin as a valueless asset and likened it to a "pet rock." 

He underscored his belief that Bitcoin's primary utility lies in facilitating illegal transactions, further fueling his argument against the cryptocurrency's investment merit.

Industry backlash 

Dimon's January comments and his call for a potential Bitcoin ban were met with backlash from prominent figures in the cryptocurrency industry. Leaders like Grayscale CEO Michael Sonnenshein, Galaxy Digital's Mike Novogratz, and Ripple's CEO Brad Garlinghouse have countered Dimon's views.

Despite the criticism, Dimon maintains that the risks associated with cryptocurrencies justify his cautious stance.

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