JPMorgan CEO: Bitcoin Is Not Backed By Anything

Reading Time: < 1 minute

Last December, JPMorgan’s CEO Jamie Dimon stated that if he were given control of the US financial system, he would get rid of Bitcoin.

Although there has been a push for the approval of exchange-traded crypto funds (ETFs), Dimon believes that Bitcoin is not backed by anything tangible and can only be used for speculation and criminal activities.

According to him, BTC is primarily used by nefarious individuals and businesses would rather not associate themselves with such a tool.

Dimon went on to say that his main concern is not how people use Bitcoin, but the fact that it is commonly used for illegal transactions such as drug dealing and tax evasion.