Jamie Dimon Renews Attack on Bitcoin
JPMorgan CEO Jamie Dimon doubles down on criticism, calling Bitcoin buyers 'stupid.'
On October 13, 2017, JPMorgan Chase CEO Jamie Dimon reignited controversy by reiterating his harsh criticism of Bitcoin, this time stating outright that “people who buy Bitcoin are stupid.” His comments followed his earlier remarks in September, when he had called Bitcoin a “fraud,” sparking widespread debate within financial and crypto circles.
This second statement came at a time when Bitcoin was trading near historic highs, making his dismissals appear even more contentious. Dimon argued that governments would never allow cryptocurrencies to operate outside regulatory control, predicting eventual crackdowns. His comments were met with mixed reactions: traditional finance figures echoed his concerns, while the crypto community responded with ridicule, highlighting the resilience and growth of Bitcoin in spite of establishment disapproval.
Many speculated that Dimon’s remarks were aimed at discouraging retail adoption while institutions quietly explored blockchain opportunities behind the scenes. Ironically, JPMorgan itself was investing in blockchain research at the time, fueling accusations of hypocrisy. Market reactions were muted compared to September, reflecting the crypto market’s growing maturity in brushing off negative press.Nevertheless, Dimon’s remarks underscored the ongoing divide between Wall Street and the emerging digital economy.