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Coinbase Data Breach Will ‘Lead to People Dying,’ TechCrunch Founder Says

by admin May 20, 2025

In brief

TechCrunch founder Michael Arrington has claimed that a recent data breach at Coinbase “will lead to people dying.”
Arrington’s claim comes amid a wave of kidnap attempts targeting high-net-worth crypto holders.
Former Coinbase CTO Balaji Srinivasan argued that the fault lies with state-mandated KYC data collection.

The founder of online news publication TechCrunch has claimed that Coinbase’s recent data breach “will lead to people dying,” amid a wave of kidnap attempts targeting high-net-worth crypto holders.

TechCrunch founder Michael Arrington added that this should be a point of reflection for regulators to re-think the importance of know-your-customer (KYC), a process that requires users to confirm their identity to a platform. He also called for prison time for executives that fail to “adequately protect” customer information.

I am a long time investor in and champion of @coinbase. Something that has to be said though – this hack – which includes home addresses and account balances – will lead to people dying. It probably has already. The human cost, denominated in misery, is much larger than the $400m… pic.twitter.com/ruSYKAGH7x

— Michael Arrington 🏴‍☠️ (@arrington) May 19, 2025

“This hack—which includes home addresses and account balances—will lead to people dying. It probably has already,” he tweeted. “The human cost, denominated in misery, is much larger than the $400 million or so they think it will actually cost the company to reimburse people.”

On Thursday, Coinbase announced that cybercriminals tried to blackmail the exchange into paying $20 million in Bitcoin over the stolen customer data—which it refused to pay. Instead, the company put out a $20 million award for any information that would lead to the “arrest and conviction” of the attackers. The crypto exchange has also pledged to reimburse any customers that were tricked into sending funds to the attackers.

The U.S. Justice Department has since opened a probe into the data breach, Bloomberg later reported.

But for Arrington, who also founded venture capital firm CrunchFund and hedge fund Arrington Capital, this isn’t enough. He believes that people are in immediate physical danger following the breach, which exposed data including names, addresses, phone numbers, emails, government-ID images, and more.

Arrington said that he was a “long time” investor in Coinbase but did not respond to Decrypt’s request for comment in what capacity this investment was made. Coinbase also did not respond to Decrypt’s request for comment.

Crypto kidnap attempts

A number of high-profile kidnapping attempts has heightened concerns over the safety of crypto owners with significant holdings.

In January, Ledger co-founder David Balland was abducted from his home in France alongside his wife. The pair were held captive for roughly 24 hours, with the kidnappers “mutilating” Balland’s hand as part of their ransom demand, before local law enforcement recovered the executive and his wife.

In March, popular streamer and OnlyFans personality Kaitlyn “Amouranth” Siragusa was the victim of a home invasion by three armed attackers who physically assaulted her while ordering her to transfer her Bitcoin to them. She managed to fire her gun, causing the attackers to flee the scene.

In May, the father of a crypto millionaire was rescued by French authorities after being held hostage for days—but not without having his finger severed by the kidnappers. A week later there was an attempted but failed kidnapping of a woman and her child, relatives of a leading figure in France’s crypto industry.

As a result of these and other incidents, an Amsterdam-based physical security firm told Bloomberg that it had noticed an uptick in clients with large crypto holdings, prior to the Coinbase breach.

The risks of KYC data

Arrington believes that in the wake of these attacks, crypto companies that handle user data need to be much more careful than they currently are.

“Combining these KYC laws with corporate profit maximization and lax laws on penalties for hacks like these means these issues will continue to happen,” he tweeted. “Both governments and corporations need to step up to stop this. As I said, the cost can only be measured in human suffering.”

I disagree the problem is execs. The problem is the state.

The state forces companies to collect KYC data that they do not want to collect. This issue is much bigger than crypto, and regulation is the actual thing to target.

With ZK, no need for KYC.https://t.co/kszGEy2tuZ

— Balaji (@balajis) May 20, 2025

Former Coinbase chief technology officer Balaji Srinivasan pushed back on Arrington’s position that executives should be punished, arguing that regulators are forcing KYC onto unwilling companies.

“When enough people die, the laws may change,” Arrington hit back.

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May 20, 2025 0 comments

Bitwise is still the only company that disclosed its BTC addresses. Why don’t others follow?

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Bitwise is the only company that disclosed its BTC addresses. Why don’t others follow?

by admin May 20, 2025

The number of Bitcoin-centered companies is growing. More than that, more and more companies from other sectors set corporate Bitcoin treasuries as an inflation hedge. However, most of these companies don’t disclose Bitcoin addresses. Why is there reluctance in disclosing corporate addresses, and is there a chance these companies don’t actually hold the bitcoins they claim to own?

Bitwise’s move

On Jan. 24, 2024, Bitwise made history by becoming the first company to disclose its spot Bitcoin ETF address for everyone.

Announcement: Today the Bitwise Bitcoin ETF (BITB) becomes the first U.S. bitcoin ETF to publish the bitcoin addresses of its holdings.

Now anyone can verify BITB’s holdings and flows directly on the blockchain.

Onchain transparency is core to Bitcoin’s ethos. We’re proud to… pic.twitter.com/1JTUh3zvDE

— Bitwise (@BitwiseInvest) January 24, 2024

By disclosing its Bitcoin ETF address, Bitwise explicitly made it impossible for skeptics to doubt its solvency and the fact that the company actually holds what it claims to own. More than that, this step towards transparency is in line with the transparent design of the Bitcoin network itself, where all the transactions and the parties involved are visible and auditable.

As Bitwise is one of the biggest Bitcoin holders, some observers suggested that other corporate holders will follow the trend and make their treasuries transparent. However, it didn’t happen. Nearly one and a half years after the disclosure made by Bitwise, no other Bitcoin holding company followed suit.

Possible improvements

Did Bitwise do it the best possible way? Co-author of the Big Bitcoin Book, Fred Krueger, took to X to outline how it is possible to disclose BTC addresses with some improvements, using Bitwise as a reference point. Actually, Krueger made his post as a recommendation to Strategy.

1. ✅ Add Cryptographic Ownership Proofs

Right now, Bitwise discloses the wallet address, but hasn’t published a signed message proving they actually control the private keys.

Anyone could theoretically list any address.

A one-time signed message (e.g., “MSTR controls this…

— Fred Krueger (@dotkrueger) May 19, 2025

Interestingly enough, Bitwise CEO Hunter Horsley shared Krueger’s post in his account, not shying away from exposing what Krueger believes to be weak spots of Bitwise’s way of making disclosure.

One of the ideas offered by Krueger was that Strategy should use cryptographic ownership proof, which Bitwise doesn’t have. He notes that just providing a wallet address is not transparent enough, as it should also be signed.

On top of that, Kureger pointed out that sharing only one address (that’s what Bitwise did) is good, but as funds are moving, the company needs to provide several more addresses. They will naturally appear as a result of rebalancing and other operations.

Another idea was that Strategy should disclose addresses with caution and not expose too much in order to prevent quantum attacks, which are theoretically possible, while many doubt that the Bitcoin network will suffer from them.

Krueger recommended using unspent Taproot and SegWit addresses for public balances. Once they are used, they should be replaced by new ones. It would mitigate quantum hacking risks.

On top of sharing the addresses, Krueger recommended deploying third-party audits to ensure the authenticity and soundness of addresses for everyone, including institutions and regulators. More than that, automated real-time cryptographic proofs could enhance transparency even further.

Addresses of other companies

Lack of transparency may give companies some space for maneuver, or at least people think that sometimes companies holding Bitcoin may cash out in secret. Some even doubt that companies like Strategy actually own the bitcoins they buy and demand public disclosure of the corporate addresses.

Well if Bitcoin is supposed to be 100% transparent where is @MicroStrategy bitcoin at? nobody seems to know.

— traderjeremy.algo (@jeremygleeson6) May 19, 2025

As of May 20, 2025, Strategy owns over 570,000 bitcoins, which makes it the biggest Bitcoin holder among companies. On May 19, it was revealed that Strategy is facing a class action lawsuit. A group of investors claimed that the company reps, including executives, were making misleading claims about Bitcoin strategy. Probably, increased transparency would have eliminated such problems before they appeared.

While companies are not in a hurry to show their Bitcoin addresses, third-party sleuths are finding these addresses and making them public. It provides people with much-needed confidence and opportunities to observe the movements of the assets. At the same time, companies may not admit that these findings are correct.

Arkham Intelligence is a very cool tool.

You can see how MSTR acquires BTC mainly from Coinbase (3137 addresses), Bitstamp (83 addresses) and NYDIG (5 addresses), and that they’re mainly stored with Fidelity.

All the BTC MicroStrategy stored with Coinbase Primed (3,269 BTC)… pic.twitter.com/toxuRfGBTG

— Radu ⚡️☯ ΙΧΘΥΣ Ω ♒︎ (@LizardWizardBTC) January 4, 2025

By the end of January 2025, Arkham Intelligence identified 96% of Strategy’s addresses. According to Arkham’s findings, most bitcoins belonging to Strategy come from Coinbase Prime and Anchorage Digital and are stored via Fidelity Digital omnibus custody.

The largest Asian Bitcoin holder, a Japanese company Metaplanet, is going to accumulate 10,000 BTC by the end of 2025 and add 21,000 BTC more in 2026. The company is famous for its consistent periodic buy-ins of Bitcoin. However, we mostly know about them from Financial Statements that don’t contain Bitcoin addresses. As of May 20, Metaplanet holds 7,800 BTC. Just like any company, except Bitwise, Metaplanet is not sharing its address information.

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May 20, 2025 0 comments

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XRP Price Prediction for May 20

by admin May 20, 2025

The market drop has not lasted long, and most of the coins are back to the green zone, according to CoinMarketCap.

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has declined by 1% over the last day.

Image by TradingView

On the hourly chart, the price of XRP is breaking the local support of $2.3365. If a breakout happens, the decline is likely to continue to the $2.32 zone soon.

Image by TradingView

A bearish picture can also be seen on the bigger time frame. In this case, traders should focus on the bar’s closure in terms of the $2.2845 level.

Class Action Lawsuit Filed Against Strategy Over Alleged Bitcoin Misleading

by admin May 20, 2025

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On May 16, a class action lawsuit was filed against Michael Saylor’s Strategy (previously MicroStrategy) and its top executives, including President and CEO Phong Le and Chief Financial Officer Andrew Kang.

The plaintiff, Anas Hamza, alleges that the Bitcoin (BTC) proxy firm misrepresented crucial aspects of its Bitcoin investment strategy, potentially violating federal securities laws.

Plaintiff Anas Hamza Sues Strategy

The lawsuit claims that Strategy’s disclosures misled investors regarding material facts about its Bitcoin holdings and corporate strategy. Hamza is bringing this suit on behalf of other shareholders who may have suffered losses due to the company’s alleged misleading communications.

Specifically, the case cites violations of the Securities Exchange Act, which governs the accurate disclosure of information to investors, searching damages for these alleged violations.

Some of the firm’s skeptics, like Bank of America analyst Craig Coben, are worried that the firm’s aggressive approach to Bitcoin accumulation could expose stockholders to a lot of volatility in the market.

The expert has earlier stated that this continued accumulation could turn into a “vicious cycle” if the Bitcoin price collapses. However, Coben highlighted that as long as Strategy can fetch a premium to its net asset value, shareholders will benefit.

Michael Saylor has also previously promised the firm’s investors that the company would be fine even if the cryptocurrency’s value dropped 90% and stayed that low for another four or five years.

Saylor Reveals New Bitcoin Purchases

Despite the legal challenges, Michael Saylor has not publicly commented on the lawsuit. However, he disclosed on Monday further Bitcoin purchases on social media platform X (formerly Twitter), indicating that the company remains committed to its aggressive acquisition strategy.

Through a US Securities and Exchange Commission (SEC) filing, the Bitcoin proxy firm disclosed its acquisition of an additional 7,390 Bitcoin for approximately $764.9 million, purchasing these coins at an average price of $103,498 each.

This brings the company’s total Bitcoin holdings to 576,230 BTC, valued at around $40.18 billion. Saylor further noted that the firm achieved a Bitcoin yield of 16.3% year-to-date (YTD) for 2025.

Since reaching a yearly low of $232 in April, the firm’s stock, MSTR, has also achieved notable gains. It now trades at $410, reflecting a 76% increase that mirrors Bitcoin’s price recovery above the pivotal $100,000 threshold, indicating a resurgence of capital in the market following a challenging end to the first quarter of the year.

The 1D chart shows BTC’s price surge beyond $100,000. Source: BTCUSDT on TradingView.com

Whe writing, BTC trades at $104,860, recording a 23% surge on the monthly time frame, only 3.6% below its all-time high of $109,000 reached last January. Year-to-date, the market’s leading cryptocurrency is up 57%, per CoinGecko data.

Featured image from DALL-E, chart from TradingView.com

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May 20, 2025 0 comments

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Fidelity, Ark Funds Pull In $343M As Bitcoin ETF Flows Spike

by admin May 20, 2025

In brief

Bitcoin ETFs saw their best day of trading since May 2 on Monday.
Fidelity’s Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF accounted for more than half of inflows into BTC ETFs.
BlackRock’s iShares Bitcoin Trust continues to dominate as the single biggest player in the market, pulling in $305.9 million on Monday.

Bitcoin ETFs have seen their best day of trading since the start of May, with smaller funds enjoying healthy inflows.

Fidelity’s Wise Origin Bitcoin Fund (FBTC), the second-largest spot ETF in the U.S., saw its net assets rise by $188 million in just 24 hours, per data from SoSoValue.

Meanwhile, the ARK 21Shares Bitcoin ETF (ARKB)—in fourth place after the Grayscale Bitcoin Trust—clocked inflows of $155 million, with the two funds between them accounting for more than half of the funds invested across all spot BTC ETFs on Monday.

Total inflows for the day stood at $667.4 million, with Bitcoin trading above $100,000 for 12 consecutive days and securing its highest weekly close in history.

At time of publication, Bitcoin is trading at $105,137, up 2.1% on the day, per data from CoinGecko.

BlackRock’s IBIT dominates flows

As usual, BlackRock’s iShares Bitcoin Trust (IBIT)—which is bigger than Wall Street’s other 11 BTC ETFs combined—took the lion’s share of inflows, pulling in $305.9 million of investment yesterday. That takes IBIT’s total net assets to $66.9 billion, equivalent to about 3.2% of Bitcoin’s market capitalization.

Beyond BTC’s bullish momentum, hedge funds are seeking to capitalize on the difference between Bitcoin’s spot price and long-dated futures, with yields from the basis trade proving attractive.

IBIT’s inflows so far this year stand at $8.3 billion, making it the sixth-most popular fund on Wall Street, according to Bloomberg senior ETF analyst Eric Balchunas. That’s streets ahead of the SDPR Gold Trust in 17th place, despite the precious metal outperforming Bitcoin since the start of the year.

Also notable leaderboard action: $IBIT has climbed up to 6th spot and is now nearly DOUBLE the inflow into $GLD which has slid to 17th, despite gold doubling bitcoin’s performance YTD altho that prob won’t last. pic.twitter.com/HYTfC2SZZP

— Eric Balchunas (@EricBalchunas) May 19, 2025

While gold prices have accelerated by more than 22% so far in 2025—fueled by uncertainty over U.S. President Donald Trump’s tariffs—BTC’s gains currently stand at a more modest 12%.

One notable absence from the Bitcoin ETF space has been Vanguard, which has long regarded crypto as “more of a speculation than an investment” that doesn’t belong in investor portfolios.

Balchunas believes the asset management giant is unlikely to perform a U-turn and launch a fund of its own—but he suggested that Vanguard may allow existing ETFs to be traded on its platform if Bitcoin continues to rise.

Should Bitcoin’s price hit the $150,000-$200,000 price range, he wrote, “they gonna get sick of being asked about it by customers and their new CEO is one of IBIT’s parents.”

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May 20, 2025 0 comments

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Usual’s stablecoin USD0 goes live on Fluid, unlocking dual yields for LPs

by admin May 20, 2025

Usual stablecoin issuer just launched its USD0/USDC liquidity pool on Fluid DeFi protocol, allowing liquidity providers to earn dual yields from both lending and trading APRs.

On May 19, an RWA-backed stablecoin protocol Usual announced the launch of its USD0/USDC liquidity pool on the DeFi protocol Fluid. The integration allows liquidity providers to earn lending APR, trading APR, and USUAL rewards on top.

The launch is powered by Fluid’s advanced architecture, which optimizes liquidity ranges and enables deeper, more efficient markets for stablecoin trading. This results in tighter spreads and better execution for users interacting with the USD0/USDC pair.

However, the real edge of USD0 being on Fluid is its relending mechanism, which allows deposited liquidity to simultaneously earn returns from both trading activity and lending protocols — enabling LPs to enjoy dual yield from a single position.

USD0 is a permissionless stablecoin backed by real-world assets — primarily ultra-short maturity U.S. Treasury Bills. It was launched by Usual Protocol to offer greater safety than USD Coin (USDC) and Tether (USDT) by avoiding reliance on traditional banks and their fractional reserve practices. It provides full transparency of its collateral, enabling anyone to verify its backing in real time.

Usual Protocol is headed by CEO Pierre Person, a former French politician and National Assembly member who played a key role in shaping the country’s crypto asset legislation.

“Existing stablecoin models lack transparency and equitable value distribution, privatizing their gains and socializing their losses, and going against the ethos that web3 was built on,” explained Person. “Usual is proud to be addressing this void by providing a permissionless, real-asset backed stablecoin that shares our profits directly with the community, and empowers our token holders to guide us to the future that they see fit.”

Usual launched USD0 stablecoin alongside its liquid bond product USD0++ in July last year. USD0++ is a liquid staking token that allows users to lock USD0 for up to four years, earning rewards in USUAL tokens. This token is tradable in secondary markets, offering liquidity alongside staking benefits.

In December 2024, Usual’s TVL surpassed $1.4 billion, ranking it among the top five stablecoins. Currently, USD0’s TVL stands as $646 million and it ranks as the 10th top stablecoin by marketcap on CoinMarketCap.

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May 20, 2025 0 comments

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Binance Founder Shares 3 Key Questions Every Crypto Investor Should Ask

by admin May 20, 2025

Founder of Binance Changpeng Zhao – better known in the crypto world as CZ – recently offered a simple framework for thinking about risk, an especially important topic in crypto.

The basis of his approach is three straightforward questions: first, what is the worst-case scenario? Would you be able to maintain your lifestyle and cover the basics if the asset you are investing in drops to zero?

JPMorgan Opens The Door To Bitcoin: CEO Supports Client Crypto Purchases

by admin May 20, 2025

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JPMorgan Chase has announced it will allow clients to purchase Bitcoin (BTC), marking a notable development in the mainstream acceptance of cryptocurrency. However, CEO Jamie Dimon, a long-time critic of Bitcoin and the broader crypto market, clarified that his personal views on the digital currency remain unchanged.

Clients Can Buy Bitcoin, But Skepticism Remains

During JPMorgan’s annual investor day on Monday, Dimon stated, “We are going to allow you to buy it. We’re not going to custody it. We’re going to put it in statements for clients.”

This decision comes amid a growing trend among financial institutions to embrace cryptocurrency, with competitors like Morgan Stanley already offering access to spot Bitcoin exchange-traded funds (ETFs) for qualifying clients since August.

Despite this progressive move, Dimon reiterated his skepticism about Bitcoin, citing concerns related to money laundering and the lack of clarity surrounding ownership.

He pointed out that Bitcoin has been associated with “the sex trafficking, the terrorism,” indicating his belief that its primary use cases are problematic. “I don’t think you should smoke, but I defend your right to smoke,” Dimon remarked, adding, “I defend your right to buy Bitcoin.”

JPMorgan Explores Direct Crypto Investments

While JPMorgan has primarily limited its crypto offerings to futures-based products, the bank is reportedly considering providing clients access to Bitcoin ETFs, which would allow for a more direct investment in the cryptocurrency.

Historically, Dimon has been vocal about his opposition to Bitcoin; during a Senate hearing in late 2023, he described it as “worthless” and claimed that its only true use case is for criminal activity.

His skepticism was further emphasized at the 2024 World Economic Forum in Davos, where he dismissed BTC as “the pet rock,” expressing frustration over the ongoing media discussions about it. “This is the last time I’m talking about this with CNBC, so help me God,” he declared.

The context for JPMorgan’s decision comes amid a changing regulatory landscape in the US. Following the election of President Donald Trump, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) began to ease their anti-crypto guidance, allowing banks greater flexibility in their dealings with digital assets.

Although the Federal Reserve (Fed) has issued notices restricting certain crypto activities, banks can now custody cryptocurrencies, which was previously hindered by an accounting rule known as SAB 121.

The daily chart shows BTC’s price attempt to consolidate above $105,000. Source: BTCUSDT on TradingView.com

At the time of writing, BTC is trading at $105,400, which is just 3% below its record high of $109,000 achieved during the first quarter uptrend of the market. Looking at monthly gains, the market’s leading cryptocurrency has recovered 24% after dropping sharply to $74,000 in April.

Featured image from DALL-E, chart from TradingView.com

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May 20, 2025 0 comments

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South Korean Actor Hwang Jung-eum Faces Backlash for Embezzling $3 Million to Buy Crypto

by admin May 20, 2025

In brief

South Korean actor Hwang Jung-eum admitted in court to embezzling $3.1M (₩4.34B) from her agency to invest in crypto.
SBS Plus channel removed her segments from the final episode of Because I’m Single following backlash.
Advertisers like Daesang Wellife Nucare have pulled her campaign content after the scandal broke.

South Korean actor Hwang Jung-eum has been edited out of the final episode of SBS Plus’s reality show ‘Because I’m Single,’ following her courtroom admission that she embezzled $3.1 million (₩4.34 billion) from her own company to invest in crypto.

“Hwang Jung-eum’s VCR segments will not appear in today’s final episode, which airs at 8:30 p.m.,” the production team said Tuesday as per local media reports. “Her comments as an MC will also be minimized.”

The decision comes after Hwang testified last Thursday at the Jeju District Court, admitting to misappropriating approximately $3 million (₩4.2 billion) from a family-run agency she fully owns and using the funds to buy crypto.

Prosecutors indicted her under Korea’s Act on the Aggravated Punishment of Specific Economic Crimes.

“I sincerely apologize for causing concern over this shameful matter,” Hwang said in a statement released through her new agency, Y.One Entertainment. “I made the investment in hopes of growing the company, but it was a hasty and immature decision.”

The scandal has quickly derailed her public image. Daesang Wellife Nucare, a health drink brand, pulled down newly launched promotional content featuring the actor just days after its release.

Ad posters and videos were scrubbed from the brand’s official social media, and a related online event was abruptly canceled. The company cited “changes in internal schedules” as the reason.

Hwang’s former agency, where the embezzlement took place, was a one-person operation that managed only her.

Her legal team argued that the misused funds originated from her personal entertainment income and were temporarily held in her name because corporations are restricted from holding crypto directly.

“Since the agency’s profits ultimately stem from the defendant’s own work, they can be seen as rightfully belonging to her,” her attorney said in court.

Hwang has since sold crypto assets to repay part of the amount and plans to liquidate real estate holdings to cover the rest. A second hearing is scheduled for August.

The scandal coincides with a turbulent period in Hwang’s personal life, including an ongoing divorce. Her role on Because I’m Single marked her return to television last October.

Edited by Sebastian Sinclair

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May 20, 2025 0 comments

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JPMorgan to allow clients to buy Bitcoin, ETF access reportedly on the table

by admin May 20, 2025

Banking giant JPMorgan will allow clients to buy Bitcoin, CEO Jamie Dimon said at the firm’s annual investor day.

Speaking to CNBC, Dimon said clients would soon be able to buy Bitcoin, though the bank itself won’t hold the asset.

“We’re not going to custody it,” he noted, adding only that Bitcoin will appear “in statements for clients.” No additional details were disclosed.

The move marks a notable shift for the largest U.S. bank, particularly as rival Morgan Stanley already offers access to spot Bitcoin ETFs for qualifying clients.

JPMorgan is expected to offer access to Bitcoin exchange-traded funds (ETFs), according to sources cited by CNBC. Until now, the bank’s exposure to crypto has been limited to futures-based products rather than direct investment options.

Still, Dimon made it clear his personal stance on Bitcoin hasn’t changed. He pointed to its association with criminal use cases, including money laundering, sex trafficking, and terrorism.

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” he was quoted as saying.

The remarks echo what he told CBS News back in January, when he said he doesn’t believe Bitcoin has intrinsic value and likened its users to smokers, acknowledging their right to own it while discouraging it personally.

At the time, he insisted he wasn’t against crypto as a whole but remained firmly opposed to Bitcoin’s utility.

Dimon’s skepticism dates back years. In 2021, during a Senate hearing, he called Bitcoin “worthless” and claimed its only real use case was among “criminals, drug traffickers, and tax avoiders.”

In 2018, he called it a scam and even threatened to fire JPMorgan traders who dealt with it. At Davos earlier this year, after Bitcoin surged past $100,000, he dismissed it again as “the pet rock,” insisting it “does nothing.”

Despite his criticism, JPMorgan has found itself increasingly involved in the decentralized space.

The bank is listed as an authorized participant in BlackRock’s iShares Bitcoin Trust and has praised blockchain technology, even as its CEO continues to distance himself from Bitcoin specifically.

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May 20, 2025 0 comments