JPMorgan Chase & Co CEO Jamie Dimon today vowed that he would no longer talk about Bitcoin. That vow came after Dimon once again criticized Bitcoin, this time during a meeting of the Institute of International Finance in Washington. According to a report from Bloomberg, Dimon’s Friday criticism covered familiar terrain.
In response to a question about the world’s most well-known digital currency, Dimon said:
“I could care less what Bitcoin trades for, how it trades, why it trades, who trades it – if you’re stupid enough to buy it, you’ll pay the price for it one day. I’ve also told people that it could trade at $100,000 before it trades at zero. You know, tulip bulbs traded for $75,000 or something like that. The only value of Bitcoin is what the other guy will pay for it.”
He then asked, “Who cares about Bitcoin?” before noting that the total volume of digital currency trading is relatively insignificant when compared to the amount of fiat money moved around the world each day by large financial firms. Dimon once again predicted that governments will eventually crush Bitcoin, because they “like to control their own economy.”
Dimon pointedly suggested that there may be a use case for Bitcoin: “If you live in Venezuela, North Korea, or if you’re a criminal, it’s a great product. I mean that. It’s better than cash or deposits in that country. Cuba. You know. But this is the last time I’m ever going to answer questions about Bitcoin because I really don’t care.”
One thing that Dimon did not do is repeat his September claim that Bitcoin is a “fraud.” That comment had ignited a flurry of criticisms from many in the Bitcoin community, as well as from other financial experts on Wall Street. It’s also worth noting that today’s vow to stop talking about Bitcoin comes exactly one day after Dimon made the same commitment yesterday.