Jamie Dimon's Stance on Bitcoin BTC/USD Hasn't Changed Despite Speculations of a Change of Heart

From announcing that he would “fire in a second” any JPMorgan trader seen trading in Bitcoin to questioning the asset's supply limit of 21 million

output: JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon is no stranger to cryptocurrency circles, especially for his rather strong critiques of Bitcoin (CRYPTO: BTC), which he went so far as to call a "fraud."

What Happened: From announcing that he would "fire in a second" any JPMorgan trader seen trading in Bitcoin to questioning the asset's supply limit of 21 million, Dimon's views don't seem to have changed much.

However, an interesting anecdote President Donald Trump shared last year while on the campaign trail sparked rumors of Dimon having a change of heart.

Responding to a question about his thoughts on cryptocurrencies during a Bloomberg interview, Trump made a special mention of Dimon and his stance on digital currencies.

"Jamie Dimon was, you know, very negative, and now all of a sudden he's changed his tune a little bit," the president said. For context, Trump had interacted with Dimon and several other business executives in a private meeting a few days prior.

"We had a very interesting discussion. We had a small group of people, and they're talking about it, and they're doing good work, they're putting together products, and they're getting involved in the business. I'm really surprised by the interest, frankly."

The president went on to share his own perspective on cryptocurrencies, stating that he wasn't a "big fan" but recognized their potential, particularly in facilitating cross-border payments.

"I'm not a big fan, to be honest with you. But I like the fact that they're able to do what they're doing. They're able to move money very quickly, very easily, less expensively, and they're able to create products that people are interested in."

Trump's remarks come as no surprise, given his previous public statements about cryptocurrencies, often expressing skepticism but acknowledging their role in the evolving financial landscape.

The two topics intertwined during a campaign rally in December 2019 when Trump spoke about his administration's efforts to streamline cross-border payments, highlighting the role of cryptocurrencies in the domain.

"We're cutting red tape to make it easier than ever to move your money cross-border. We're working on blockchain technology to make cross-border payments faster and cheaper," Trump said at the rally.

"We're putting together a small group of very talented people in the administration to come up with solutions to problems that people in the private sector are now able to solve."

The president's initiative to bring together private sector figures and government officials to discuss blockchain technology and cryptocurrencies aligns with his broader strategy of seeking input and collaboration from diverse perspectives.

As for Dimon's views, he expressed them candidly during a January interview. According to him, Bitcoin lacked intrinsic value and was primarily used by criminal elements. It's worth noting that despite these reservations, JPMorgan had a stake in Bitcoin spot exchange-traded funds, including iShares Bitcoin Trust ETF (NYSE:IBT) and Fidelity Wise Origin Bitcoin Fund (NASDAQ:FBTC), the two largest.

However, Dimon did welcome the usage of blockchain technology and urged that the focus shift away from Bitcoin toward useful use cases that blockchains could enable. Perhaps this was the sentiment shift Trump spoke about. Or perhaps it was something else.

Benzinga reached out to the White House and media contacts at JPMorgan for a comment. The story will be updated once they respond.

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