Jamie Dimon, the CEO of JPMorgan, has been a vocal critic of Bitcoin, citing concerns about its potential use in illegal activities. However, in a recent interview with CNBC, Dimon acknowledged individuals’ right to invest in cryptocurrencies, despite his personal hesitation to do so. He compared it to the right to smoke a cigarette, stating, “I defend your right to smoke a cigarette, I’ll defend your right to buy a Bitcoin. I won’t personally ever buy a Bitcoin.”
This marks a shift in Dimon’s stance on Bitcoin, as earlier this year, he said he was done talking about it. In a statement at the 2024 World Economic Forum in Davos, he declared, “This is the last time I’m talking about this [Bitcoin] with CNBC, so help me God.” However, his recent comments show a willingness to support individuals’ right to purchase cryptocurrencies.
This change in attitude is in contrast to Dimon’s previous statement in 2023, where he claimed he would shut down Bitcoin and other cryptocurrencies if he represented the American people. This was said during a congressional hearing in response to concerns about crypto regulation and compliance raised by Senator Elizabeth Warren, a vocal critic of cryptocurrency. However, as clarified by Chainalysis, less than 1% of crypto transactions are actually tied to illegal activities.
Despite Dimon’s concerns about illicit activities involving cryptocurrencies, Bitcoin continues to see significant growth. At the time of reporting, it is trading at $72,110, representing a year-to-date increase of over 70%, according to data from Yahoo Finance.