Dimon Dismisses Bitcoin as 'Pet Rock' for Criminals, Despite Wall Street's Growing Crypto Embrace
• Jamie Dimon dismisses Bitcoin as a "pet rock" that is only good for illegal activities like fraud, money laundering, and sex trafficking.
• Dimon has a history of criticizing Bitcoin, calling it a "hyped-up fraud" and threatening to fire employees who invest in it.
• Other major financial figures like Larry Fink were initially Bitcoin critics but have since come around as crypto grew more popular.
• Companies like Goldman Sachs and BlackRock now offer crypto products and own Bitcoin, despite early skepticism.
• Dimon differentiates Bitcoin from blockchain technology, which he sees as more useful for exchanging assets, though over-discussed.