Jamie Dimon Expresses Indifference to Bitcoin, Labels it a "Pet Rock"

JPMorgan Chase CEO Jamie Dimon reiterated his skepticism about Bitcoin, dismissing it as a "pet rock" during an interview on the sidelines of the World Economic Forum. Dimon, a long-time critic of Bitcoin, expressed his disinterest in discussing the digital currency further.

"I call it the pet rock," Dimon stated, adding, "This is the last time I’m talking about this with CNBC, so help me God." Despite the ongoing surge in Bitcoin's value, trading just above $42,700, Dimon emphasized his lack of enthusiasm for the cryptocurrency.

While acknowledging the legitimacy of blockchain technology, Dimon emphasized its application in moving money and data efficiently. He distinguished between Bitcoin and other cryptocurrencies, specifically mentioning those enabled by smart contracts on blockchain platforms like Ethereum.

"There’s a cryptocurrency which might actually do something. You can use it to buy and sell real estate and move data — tokenizing things that you do something with," Dimon said, referring to smart contract-enriched blockchains. On the other hand, he labeled Bitcoin as one that "does nothing," although acknowledging some real use cases related to fraud, tax avoidance, and sex trafficking.

While Larry Fink has shown a positive view of cryptocurrencies, likening Bitcoin's trajectory to gold's historical significance, Dimon remains critical, emphasizing that Bitcoin does nothing. Despite BlackRock's spot Bitcoin ETF gaining popularity in terms of trading activity, Dimon dismisses discussions on the topic, signaling his intention to refrain from further commentary on Bitcoin.

The interview concludes with Dimon expressing his preference for smart contract-enabled blockchains over Bitcoin and reiterating his disinterest in ongoing discussions about the digital asset.