Jamie Dimon Compares Bitcoin to Smoking In Latest Set of Comments

By Ben Knight March 13, 2024 In Bitcoin, Blockchain, JPMorgan
  • The CEO of JPMorgan Chase comparing smoking to Bitcoin is actually an improvement in sentiment…somehow.
  • Dimon suggested that he would defend the consumer’s right to purchase BTC, even though if he were the government he’d still shut it down.
  • JPMorgan is somewhat ironically working on its own blockchain called Onyx.
  • Meanwhile, Bitcoin continues to hit new all-time highs – put that in your pipe and smoke it.

Getting a lighter, putting a cigarette in your mouth, setting the end of it ablaze, inhaling the smoke, coughing, finishing the smoke. 

Turning on your computer, going to a reputable crypto exchange, depositing AUD, buying Bitcoin.

Hmm, yes! I think I do see the similarities!

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Facetiousness aside, one might think comparing Bitcoin to chain-smoking Winnie Blues is as harsh of criticism as you can get. But, when it comes to outspoken JPMorgan CEO Jamie Dimon, the comparison is actually almost a compliment.

“I’ll Defend Your Right to Buy A Bitcoin”

Speaking at a business summit hosted by the Australian Financial Review, Dimon discussed many topics, including blockchain and digital currency regulation. 

Although it’s funny to present it that way, Dimon’s comparison of BTC to cigarettes wasn’t an implication that buying Bitcoin will give you lung cancer. Rather, it was a fundamental outlook on freedom – that even if you do something you know may be harmful, that is ultimately your choice.

I defend your right to smoke a cigarette, [and] I’ll defend your right to buy a Bitcoin.

Jamie Dimon

Although big-name financial institutions have begun flocking to the Bitcoin game ever since the SEC introduced spot ETFs, there are still a few holdouts. Vanguard has, to its own detriment, been stubbornly avoiding crypto, while JPMorgan has similarly maintained its anti-crypto stance (although the company is working on a blockchain). The banking giant’s CEO, Dimon, has been particularly scathing of BTC in the past. His hitlist includes:

  • Comparing Bitcoin to a “pet rock”
  • Suggesting that if he were the government, he’d simply shut down Bitcoin (which seems to contradict his most recent comments, but let’s move on)
  • Doubling down on this suggestion immediately after “When governments look at all this stuff, why do they put up with it?”
  • Implying that Bitcoin’s functionality is limited to funding terrorists and criminal activity

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But as Bitcoin keeps hitting new all-time highs, it’s getting harder and harder for traditionally anti-BTC advocates to keep their heads in the sand. Dimon’s slight softening is yet another sign of the “I hate crypto” crowd coming to terms with reality – that Bitcoin might just be here to stay.

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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