JP Morgan CEO Confirms Bitcoin Has No Value Despite SEC Approval of BTC ETF

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JPMorgan CEO and longtime Bitcoin critic Jamie Dimon has once again spoken out against the leading digital currency, reiterating his view that Bitcoin is a tool for criminals and tax evasion.

“The real use cases are sex trafficking, tax evasion, anti-money laundering, terrorist financing. I always say Bitcoin has no value.”

Despite Dimon’s longstanding opposition to Bitcoin, global investment giant BlackRock has designated JPMorgan as an authorized participant in its ETF filing with the U.S. Securities and Exchange Commission.

In an interview with Fox Business host Maria Bartiromo, Dimon remained staunchly opposed to the SEC approving digital assets as the basis for ETFs.New financial products will help Investors don’t need to directly own the digital asset to understand the rise and fall of Bitcoin.

However, JPMorgan Chase executives warned that the Bitcoin ETF could fail upon launch, and in December expressed doubts about whether a spot Bitcoin ETF could bring new money to the market because Canada and Europe have shown little interest in similar ETFs.

“It makes no sense for you to buy or sell Bitcoin,” Damon sarcastically.

Last month, as talks heated up about approving a Bitcoin ETF, Dimon told the U.S. Senate Banking Committee after Massachusetts Sen. Elizabeth Warren asked Dimon why criminals and terrorists like cryptocurrencies. Bitcoin should be shut down.

Dimon told Senator Elizabeth Warren:

“If I were a member of the government, I would shut it down. I have always been against cryptocurrencies, Bitcoin, etc.”

While Dimon continues to criticize Bitcoin as a form of payment or store of value, JPMorgan has been experimenting with underlying blockchain technology, including a permissioned cryptocurrency called JPM Coin, which the banking giant launched in 2019 .

Last fall, JPM Coin added a new payments feature that allows companies to automate and speed up transfers to cover financial obligations such as late payments and claims.