Jamie Dimon can’t help himself when it comes to trashing bitcoin.
Just one day after the JPMorgan Chase CEO said he wasn’t going to talk about the digital currency anymore, he was back at it again, while maintaining that he was so over it.
“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,” Dimon said, while speaking at the Institute of International Finance conference Friday.
“You all can do whatever you want and I don’t care,” Dimon said, with his arm in a sling from surgery a few weeks ago.
But that didn’t stop him from speculating further on bitcoin’s value and its eventual demise.
“The only value of bitcoin is what the other guy will pay for it,” Dimon said, noting that the digital currency’s rapid rise may in part be due to it being talked up by people looking to exit their positions.
Despite Dimon’s tongue-lashing, the digital currency reached a new high of $5,885 Friday — up $500 from the fresh high it hit the day before.
At that price, the value of all bitcoins in circulation is $97 billion, eclipsing the market capitalizations of JPMorgan competitors Morgan Stanley and Goldman Sachs, which stand at $89 billion and $93 billion respectively.
Still, Dimon said bitcoin will eventually be crushed by central banks.
“Governments like to know where the money is, who has it, and what you’re doing with it… Governments like to control their currency,” Dimon said.
“There is a use case for bitcoin. If you live in Venezuela, North Korea … if you’re a criminal. Great product,” Dimon added, receiving laughter from the crowd.
His remarks were echoed later by BlackRock CEO Larry Fink in an interview with Bloomberg.
“It identifies how much money laundering is being done in the world,” Fink said.
Meanwhile, Dimon was decidedly more sanguine about blockchain, the technology that underpins bitcoin transactions and has other applications.
“The blockchain is a technology which is a good technology. We actually use it,” he said before his anti-bitcoin tirade.
“God bless the blockchain,” he added.
But after his three-minute rant, Dimon swore — yet again — that he would talk about bitcoin.
“This is the last time I’m going to answer any questions about bitcoin, because I really don’t care,” Dimon said, gesturing with his good arm.