Benzinga - Edward Snowden, the former National Security Agency contractor, took a jab at Jamie Dimon, CEO of JPMorgan Chase & Co, over his stance on Bitcoin (CRYPTO: BTC), as the cryptocurrency hits all-time highs.
What Happened: Snowden’s post on X, formerly Twitter, on Monday, came in response to Dimon’s earlier remarks about Bitcoin.
jp morgan ceo admits that yes of course his gigantic firm will be buying bitcoin now that it achieved fresh all-time highs while he sat on the sidelines pouting, but, he counters, "it doesn't count!" and "i'm not owned! i'm not owned!" because he is not "personally" buying it. https://t.co/F5NdeV59Dm— Edward Snowden (@Snowden) March 12, 2024
See Also: Americans Lost Staggering $3.94B To Bitcoin, Dogecoin, Shiba Inu And Other Crypto Investment Scams In 2023, FBI Report Reveals
On Monday, Dimon criticized bitcoin, highlighting its usage in illegal activities like sex trafficking and terrorism. Despite defending individuals’ rights to engage with the cryptocurrency, he stated his personal aversion to investing in it, reported Reuters.
“I don’t know what the bitcoin itself is for, but I defend your right to smoke a cigarette, I’ll defend your right to buy a bitcoin,” said Dimon, according to the report. “I won’t personally ever buy a bitcoin.”
Despite his personal disinterest in Bitcoin, Dimon had acknowledged the demand from clients and had even offered Bitcoin-centric financial products, as per a 2021 Benzinga report.
Why It Matters: Bitcoin surged past $70,000 on Monday, marking a new all-time high, indicating a strong uptrend in the cryptocurrency market. Ethereum (CRYPTO: ETH) also joined the rally, crossing $4,000. Factors driving the surge include the London Stock Exchange’s acceptance of Bitcoin and Ether ETNs, institutional investor interest, and Bitcoin’s outperformance of stocks amidst Asian market downturns. This
Snowden’s attempted to highlight the irony of Dimon’s stance on Bitcoin. Despite his personal disapproval of the cryptocurrency, JPMorgan has been actively involved in Bitcoin-related activities due to client demand.
This isn’t the first time Snowden has criticized Dimon over his Bitcoin remarks. Earlier in January, Snowden had mocked Dimon following the SEC’s approval of a Bitcoin ETF.
Price Action: At the time of writing, Bitcoin traded 6.25% higher at $72,327.05, according to Benzinga Pro data.
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