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Bitcoin (BTC-USD) is a type of cryptocurrency that does nothing, said JPMorgan Chase CEO Jamie Dimon.
In an interview with CNBC, he said he would advise his clients not to participate in Bitcoin (BTC-USD), or any of the new currencies. ETFs approved last week.
These include Grayscale Bitcoin Trust (GBTC), iShares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), Ark 21Shares Bitcoin Trust (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin Trust (HODL), and WisdomTree Bitcoin Trust . (BTCW), Fidelity Wise Origin Bitcoin Trust (FBTC), Bitwise Bitcoin ETF (BITB), Hashdex Bitcoin ETF (DEFI), and Franklin Bitcoin ETF (EZBC).
“There are two types (of cryptocurrencies), there is a cryptocurrency that might actually do something… and we can use it to buy and sell real estate, transfer data, encode things that do something with it, and then, there is another type (cryptocurrency),” he said. does nothing”.
As for the other type, he called it a “pet rock,” such as Bitcoin (BTC-USD), and added that use cases for cryptocurrencies include fraud, money laundering, tax evasion, and sex trafficking.
“Maybe $50-100 billion a year for that,” he said. “This is the end-use case, and everything else is people-to-people commerce.”
Dimon also said that there is a good chance that when BTC-USD hits 20 million bitcoins, “all the bitcoins will be wiped out.”
The supply is currently at 19.6 million and the stock is down 7.64% over the past 5 days.
“If you can’t solve the cases of bad use, the government will probably have to shut it down.”