"I’m not a fan" of Bitcoin, the billionaire CEO made clear. He made these comments during JPMorgan Chase's Investor Day on May 19.
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With a market capitalization of $740 billion, JPMorgan Chase is the largest bank in the world, managing over $4 trillion in assets.
Dimon’s more measured stance on Bitcoin is notable, considering he previously referred to the cryptocurrency as a "fraud" back in September 2017.
Indeed, during a Senate Banking Committee hearing on December 6, 2023, Dimon reiterated his strong opposition to crypto, saying to Senator Elizabeth Warren (D-MA), “I’ve always been deeply opposed to crypto, Bitcoin, etc. You pointed out that its main use case is for criminals, drug traffickers, money launderers, and tax evasion... If I were in charge of the government, I’d shut it down.”
As of the latest data from Kraken, Bitcoin was priced at $103,365.
On the topic of blockchain, the technology that underpins the cryptocurrency sector, Dimon downplayed its significance, stating that it isn’t as important as many believe.
It’s worth noting that JPMorgan Chase recently completed its first transaction on a public blockchain on May 14, involving tokenized U.S. Treasuries.
Dimon also discussed the high level of geopolitical risk, stating that even with some reductions, tariff rates remain "pretty extreme." This came after the U.S. and China agreed to lower tariffs on each other for 90 days on May 12 as they continue negotiations.
The CEO also addressed the U.S. economy, cautioning that stagflation—a situation where inflation remains high alongside high unemployment and stagnant demand—remains a possibility.
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