JP Morgan CEO "Bitcoin (BTC), Respect the Right to Buy and Sell… No Intrinsic Value"

Global financial firm JP Morgan has raised questions about the intrinsic value of Bitcoin (BTC).

On the 12th (local time), Jamie Dimon, CEO of JP Morgan, stated in an interview with CBS News, "I am not against virtual assets (cryptocurrencies) themselves," but pointed out, "Bitcoin has no intrinsic value. It is often used for prostitution, money laundering, and ransomware."

He said, "Just as you have the right to smoke, I respect the right to buy and sell Bitcoin (BTC), but I would like to say not to smoke."

Meanwhile, Dimon positively evaluated the usability of blockchain. Dimon stated, "Blockchain is already being used to move funds or data. Stablecoins also play an important role." He added, "We are also utilizing blockchain for intraday REPO transactions."

In fact, JP Morgan operates a blockchain network called 'Kinesis' (formerly Onyx), designed as a private and permissioned blockchain. Kinesis has processed over $700 billion in transactions to date.

He added, "Although 10 to 15 years have passed since these discussions began, there have not been many noticeable developments in the virtual asset space except for Bitcoin."