Jamie Dimon still sees no value in bitcoin after ETFs debut

A number of Wall Street heavyweights, such as BlackRock
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and Fidelity, last week launched their bitcoin
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ETFs, respectively. When asked about his views on the companies’ moves, Dimon said “I don’t care.”

Read: Vanguard’s decision to shun bitcoin ETFs triggers backlash — with some customers moving to crypto-friendly competitors like Fidelity

“Just please stop talking about this sh-t,” Dimon said. Bitcoin “does nothing.”

Dimon reiterated his view that blockchain technology has a great potential. “It’s a technology. We use it. It’s going to move money, it’s going to move data. It’s efficient.”

“There’s a [type of] cryptocurrency which might actually do something,” Dimon said of those based on blockchains that enable smart contracts. “We can use it to buy and sell real estate and move data – that may have value. Or to tokenize things that you do something with,” he said. 

Bitcoin doesn’t fall into the category, according to Dimon. While the Bitcoin blockchain supports smart contracts, their function remains very limited compared to those on some other blockchains, such as Ethereum
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“My personal advice is don’t get involved” in bitcoin, Dimon said. “But I don’t want to tell anybody what to do. It’s a free country.”

Such comments are consistent with Dimon’s past stance on bitcoin. He once called the crypto is a “a hyped-up fraud” and “a pet rock.”