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

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.

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.”

JP Morgan CEO, Jamie Dimon says “#Bitcoin doesn't have value”

“It’s only use cases are sex trafficking & terrorism financing etc…”

However, WATCH WHAT THEY DO, NOT WHAT THEY SAY…

JP Morgan was recently announced as an 'Authorised Participant' for BlackRock's #Bitcoin  ETF.… pic.twitter.com/29gbuPRU2z

— Crypto With Leo (@CryptoWithLeo) January 10, 2024

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.

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.