JPMorgan Chase CEO Jamie Dimon said during the Davos Forum today that Bitcoin can't do almost anything, so he calls it a "petrock." Dimon is a long-time critic of Bitcoin. As early as 2021, when Bitcoin valuation reached its peak, he said that Bitcoin was worthless. Last year, Dimon also called Bitcoin a fraud. Today, he said in an interview: "This is the last time I talk to the media about Bitcoin, God bless me."
He said: "Blockchain (the underlying technology of Bitcoin) is real. It is a technology, and we also use it. It can be used to transfer funds, transfer data, and is very efficient. We have also discussed this technology for 12 years, but its scale is still small. I think we have talked enough."
Dimon also distinguished Bitcoin from another class of digital currencies that enable the use of smart contracts via blockchain. Smart contracts are programmable codes written on public blockchains, such as Ethereum. It executes when certain conditions are met, eliminating the need for a central intermediary.
Dimon said: "There is a digital cryptocurrency that may actually do something. You can use it to buy and sell real estate or move data." As for Bitcoin, Dimon said: "There is also a cryptocurrency that does nothing."
But he also added that the virtual currency also has some practical uses, including fraud, money laundering and tax avoidance. For this reason, Dimon advises against getting involved in Bitcoin. But he also emphasized that this is just a personal suggestion, and people have their own rights whether to get involved in Bitcoin.
Currently, Bitcoin is trading at just above $42,700.
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