Crypto Critic Jamie Dimon Still Refuses To Buy Even Though Bitcoin Reaches IDR 1.1 Billion

JPMorgan CEO Chase Jamie Dimon insisted on refusing to buy Bitcoin. (Photo; Doc. Timetocoin)

JAKARTA - Jamie Dimon, CEO of JPMorgan Chase, has again highlighted his skepticism about bitcoin and other crypto assets in a business meeting broadcast live from New York.

Launching Bitcoin News, during the meeting Dimon stated, "I don't know what bitcoin's own purpose is, but I defend your right to smoking. I will defend your right to buy bitcoin," stressing that he would personally never buy bitcoin.

Dimon's comments sparked widespread reactions on social media, including from Edward Snowden, a well-known privacy advocate, who insinuated Dimon by saying that even though it is publicly opposed, JPMorgan as a large institution will not hesitate to buy bitcoin when its price reaches a new peak.

Dimon, known as a vocal critic of bitcoin, has repeatedly stated that cryptocurrencies have no intrinsic value, even as its investment bank becomes a key player in Blackrock's bitcoin (ETF) trading fund. He has also compared bitcoin with pet stones and mentioned that the case of real use of bitcoin is illegal activity such as sex trafficking, tax evasion, money laundering, and terrorism financing.

Although he personally does not support bitcoin, Dimon acknowledged his clients' interest and expressed his defense of their right to choose their own investments, including bitcoin. However, he continues to warn against investing in cryptocurrencies, suggesting in January, "My personal advice is: don't get involved."

On the other hand, JPMorgan analysts have warned that the price of bitcoin may drop to US$42,000 (around Rp653,070,000.) after the bitcoin halving event in April.

The crypto market has shown market volatility, with bitcoin prices hitting levels above US$72,000 (around Rp1,121,220,000) ahead of halling. Halfing bitcoin itself is an event that reduces block prizes for miners, which has historically affected bitcoin prices.

In addition to Halving Bitcoin, the second largest crypto asset, Ethereum (ETH), will also upgrade, known as Dencun. This Dencun upgrade is expected to increase Ethereum transaction capacity and lower transaction costs, especially for layer-2 solutions. This is an important step in Ethereum's efforts to increase scalability and cost efficiency for its users.