JP Morgan CEO Compares Buying Bitcoin to Smoking

Known for his persistent critique of Bitcoin (BTC), JP Morgan chief executive officer Jamie Dimon compared BTC to cigarettes in a recent interview. 

Dimon said he won’t buy Bitcoin even though he supports the right to invest in the cryptocurrency. He went further to compare Bitcoin investment to cigarette smoking and other illegal activities like fraud and sex trafficking. 

JP Morgan CEO Expresses Skepticism About Bitcoin Utility

During an interview with CNBC, Jamie Dimon—the current chief executive officer of JP Morgan—took aim at Bitcoin amid its bullish surge. Dimon stated that buying a Bitcoin is the same as smoking a cigarette, and he won’t invest in digital assets. 

“I don’t know what the bitcoin itself is for, but 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,” Dimon said. 

Dimon’s comments came after he urged the U.S. Federal Reserve to wait past June before cutting rates to allow the central bank to shore up its inflation-fighting credibility. He mentioned that the U.S. economy is in a good state but cautioned against fully believing in the idea of a smooth transition for the economy, as suggested by the markets. 

JP Morgan CEO’s recent statement was met with backlash from the crypto community, drawing the attention of infamous whistleblower Edward Snowden. Edward, displeased with Dimon’s comments, went on X  to address the situation. According to him, Dimon’s hesitance to personally invest in BTC while his company might be considering it showcased a contradiction.

Meanwhile, Bitcoin’s massive surge remains unchanged, with its price currently at $72,000. This signifies a 4.79% increase since the beginning of the week and over 70% spike since 2024.