Bitcoin Doesn’t Have Value, JPMorgan CEO Claims Ahead of ETF Approval

Godfrey Benjamin
January 10, 2024
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
JPMorgan’s CEO Jamie Dimon Quietly Backs Kamala Harris, Shuns Donald Trump

Ahead of the spot Bitcoin ETF approval, Jamie Dimon, the Chief Executive Officer (CEO) of JPMorgan Chase & Co has voiced his criticism over the digital currency once again.

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Despite Potential Spot Bitcoin ETF Launch, Dimon Claims BTC Has no Value

Speaking in an interview with Fox Business, Jamie Dimon said Bitcoin does not have any value, noting that he does not care what other people do with the coin.

“I don’t care what other people do with Bitcoin,” Dimon said in the interview. “But … the actual use cases are sex trafficking, tax avoidance, anti-money laundering, terrorism financing; it’s not just people buying and selling bitcoin. There’s no value if you’re buying and selling bitcoin.”

This criticism is coming at a time when the biggest value is about to be attached to the premier digital currency through the approval and potential launch of a spot Bitcoin ETF. Should this approval come today as expected, Bitcoin will gain the same status as many mainstream financial assets.

This latest criticism of Bitcoin is coming at a time when JPMorgan has been tapped to play a key role in the BlackRock iShares Bitcoin Trust as an ‘Authorized Participant (AP)’. As one of BlackRock’s APs, JPMorgan will be at the forefront of issuing, redeeming, and maintaining the market efficiency for the spot Bitcoin ETF shares. 

This implies that the firm will be a major beneficiary of the impending Bitcoin market boom, a position that directly antagonizes the core tenets of Jamie Dimon holds to heart. Besides Jamie, other critics have called out Bitcoin and the soon-to-be-launched ETF product as a product designed to exploit the masses.

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Is Bitcoin ETF Ready to Go Live?

Every major issuer in the race for spot Bitcoin ETF is arguably ready to list and start trading the product

While the Chicago Board Options Exchange (CBOE) has filed a notification that it has approved the request from Ark 21Shares and Fidelity Investments among others to list their ETFs, the green light from the SEC is the last major hurdle to cross before the 10-year wait for the product comes to an end.

The market is ready to ride the wave, and though critics like Jamie Dimon advocate against participating in crypto investments, the current market volatility suggests investors, cutting across both retail and institutions may act otherwise.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.