Bitcoin does nothing, according to the CEO of JPMorgan Chase, who referred to it as the “pet rock.” The CEO has been a long-time critic of bitcoin, calling it “worthless” and a “hyped-up fraud.” He stated that blockchain technology is real and useful for moving money and data, but dismissed bitcoin as doing nothing. He emphasized the distinction between bitcoin and other cryptocurrencies that use smart contracts. The CEO acknowledged that bitcoin has real use cases, including addressing fraud and tax avoidance. However, he advised against getting involved in bitcoin.
