JPMorgan Chase (JPM) CEO Jamie Dimon has been one of Bitcoin’s most vocal critics, labeling it a “fraud,” a “Ponzi scheme,” and even “worse than tulip bulbs,” referencing the infamous Dutch tulip mania of the mid-1600s.
Dimon argues that Bitcoin does nothing, has failed as a currency, and once stated that if he were in charge of the government, he would shut it down entirely.
Despite Dimon’s outspoken disapproval, JPMorgan Chase has made notable investments in the cryptocurrency exchange-traded funds (ETFs) space. Last year, the banking giant disclosed to the SEC that it held $42,000 worth of shares in the Grayscale Bitcoin Trust (GBTC). It also mentioned liquidating BlackRock’s (BLK) iShares Bitcoin Trust ETF.
Moreover, JPMorgan has actively explored blockchain technology, even launching its own dollar-backed digital currency, JPM Coin, designed to facilitate payments between clients.
In a nutshell, while Dimon continues to criticize Bitcoin, the company he leads remains deeply engaged in experimenting with cryptocurrency and blockchain technology.
