Jamie Dimon says bitcoin is the crypto of choice for 'sex traffickers, money launderers, ransomware'
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- Jamie Dimon is still skeptical about bitcoin, which he said is a go-to for criminals.
- He has previously called cryptocurrencies useless, like "pet rocks."
- He noted that JPMorgan Chase is already utilizing blockchain technology.
Jamie Dimon isn't softening the tone of his criticisms of cryptocurrency.
Dimon, the CEO of JPMorgan Chase, cast doubt on the value of bitcoin once again in an interview with CBS News' Lesley Stahl.
"We are going to have some kind of digital currency at some point," Dimon said. "I'm not against crypto. You know, bitcoin itself has no intrinsic value. It's used heavily by sex traffickers, money launderers, ransomware."
In the past, Dimon has said cryptocurrencies are as useful as "pet rocks," stating bitcoin is fraudulent like a Ponzi scheme.
"I just don't feel great about bitcoin," Dimon said in an interview posted on Sunday. "I applaud your ability to wanna buy or sell it. Just like I think you have the right to smoke, but I don't think you should smoke."
The incoming Trump administration has signaled it would be friendly to the industry. Bitcoin's price jumped 121% in 2024, breaking the $100,000 barrier for the first time in December.
Dimon did, however, note the legitimacy of blockchains.
A blockchain is a digital database that stores "blocks" of data in chronological order, and those blocks are linked together on a "chain."
"The use of blockchains for money, moving money, moving data, we already use it," he said. "Stablecoins are real. How they're used and how they're protected by regulators is an issue they have to deal with."
Stablecoins are another type of digital currency tied to other assets, like a currency or commodity.
"JPMorgan is already using blockchain," he added. "Blockchain itself will work and that is kind of crypto."