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Jamie Dimon slams cryptocurrencies as ‘pet rocks’, says they’re ‘not a real market’

Market Watch

JPMorgan Chase & Co. JPM, 0.61% Chairman and CEO Jamie Dimon has been skeptical of bitcoin and cryptocurrencies for years now. Back in 2017, he denounced bitcoin as a “fraud” and said he would fire any JPM employees caught dabbling in cryptocurrencies.

He’s produced a steady stream of downbeat commentary since then, maintaining his skeptical outlook regardless of bitcoin’s price, and even as JPM explored business opportunities in the crypto space. During the middle of last year’s epic crypto bull run, he slammed bitcoin as “worthless.”

When asked about being the leader of the crypto-haters, Dimon exhibited his trademark brusqueness: “I didn’t want to be the spokesman against bitcoin. I don’t really give a s–t — that’s the point, OK?”

So it’s perhaps unsurprising, given recent events, that Dimon seized the opportunity during an appearance on CNBC’s “Squawk Box” Tuesday morning to once again slam bitcoin and other cryptocurrencies as “pet rocks” while advising the American public to approach the market with a bit more trepidation.