JPMorgan Chase & Co. CEO Jamie Dimon says he doesn't see any value in bitcoin. Dimon – a long-time critic of cryptocurrencies – says he's done talking about cryptocurrencies, after the first Bitcoin exchange-traded funds debuted in the US last week.
-I hope this is the last time I talk about Bitcoin CNBCDamon said in an interview with the news channel on Wednesday: “Help me, God.”
A number of Wall Street heavyweights, such as BlackRock and Fidelity, launched Bitcoin exchange-traded funds last week.
When asked what he thought about companies launching Bitcoin ETFs, Dimon responded:
– I don't care.
-Just please stop talking about this…, he said. Bitcoin “does nothing,” he added.
He sees potential in blockchain technology
Meanwhile, Dimon reiterated his view that blockchain technology has great potential.
– It's the technology we use. You'll be moving money, you'll be moving data. It's effective.
– that it [type] “It's a cryptocurrency that can do something,” Damon said.
– We can use it to buy and sell real estate and transfer data – which can have value. Said or to symbolize things that you do something with.
However, Bitcoin does not fall into this category, according to Dimon. While the Bitcoin blockchain supports smart contracts, its functionality remains very limited compared to that of some other blockchains, such as Ethereum.
“My personal advice is not to get involved in Bitcoin,” Damon said.
– But I don't want to tell anyone what to do. It is a free country.
Bitcoin is trading at just over $42,700 on Wednesday, up more than 100 percent in the past year.
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