The price of Bitcoin has reached a record high, surpassing $72,000 due to a recent frenzy surrounding the cryptocurrency. However, this surge in price has not convinced JPMorgan Chase CEO Jamie Dimon of its value.
In a recent discussion at the Australian Financial Review business summit, Dimon, a long-time critic of Bitcoin, expressed his doubts about the asset and its recent surge in price. He believes that the hype surrounding Bitcoin may be a sign of an unsteady market.
Despite the excitement surrounding Bitcoin, Dimon continues to distance himself from the volatile currency. He also expressed concerns about its use in illegal activities such as money laundering, fraud, and sex trafficking.
However, Dimon also stated that he would defend people’s right to purchase Bitcoin, likening it to defending someone’s right to smoke a cigarette. He also questioned why governments allow for the use of such assets.
Bitcoin’s history has been tumultuous, with its price rising and falling multiple times. Dimon’s concerns are shared by other prominent figures, such as Warren Buffett, who has likened Bitcoin to a gambling token with no intrinsic value.
Despite the recent approval of a Bitcoin ETF by the SEC, Dimon remains skeptical of the cryptocurrency’s value. He is not alone in his doubts, as many others in the financial world question the legitimacy and stability of Bitcoin.
