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He stated that the cryptocurrency lacks "intrinsic value" and is a tool often exploited by "sex traffickers" and "money launderers."
According to The Post Millennial, Dimon clarified his stance, saying he is "not against crypto," but harbors reservations about Bitcoin due to its misuse. "Bitcoin itself has no intrinsic value. It's used heavily by sex traffickers, money launderers, ransomware. So I just don’t feel great about Bitcoin," he said. He further compared the choice to invest in Bitcoin to the right to smoke, stating, "I applaud your ability to want to buy or sell it, just like I think you have the right to smoke, but I don’t think you should smoke."
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Contrastingly, President-elect Donald Trump, in his keynote speech at the Bitcoin Conference in Nashville last summer, pledged to transform the US into the "crypto capital of the planet and the Bitcoin superpower of the world." Trump, who was the first major party candidate to accept cryptocurrency donations, asserted that Bitcoin "stands for freedom, sovereignty, and independence from government coercion and control."
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Following Trump's acceptance of cryptocurrency, his campaign saw a significant boost, raising over $4 million in cryptocurrency within two months. After Trump's victory in November, Bitcoin's value soared, reaching a record high of $106,000 in December, although it has since dropped to just under $92,000.
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In a move to further integrate cryptocurrency into the administration, Trump appointed tech entrepreneur David Sacks as the White House AI & Crypto Czar. Sacks' role will be to "guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness." He will also "work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S. David will also lead the Presidential Council of Advisors for Science and Technology."