Billionaire Jamie Dimon Refers to Bitcoin as a "Pet Rock," Saying It "Does Nothing." Here's 1 Crypto Use That He Thinks Could Be Worth It.
At a World Economic Forum event on Wednesday, JPMorgan Chase CEO Jamie Dimon lobbed another criticism at Bitcoin (CRYPTO: BTC). Discussing the utility of the market-leading cryptocurrency, Dimon said, "I call it the Pet Rock."
The comment was a reference to the short-lived Pet Rock fad that took off for a brief moment in the 1970s and made its creator a millionaire. It involved selling consumers a rock for $4 each that came in a custom cardboard box complete with ventilation holes (as if it were a live animal). You'd probably have a hard time selling leftover rock inventory these days (except maybe to a few memorabilia collectors).
But while Dimon remains highly skeptical about the utility and value of Bitcoin, he does see compelling use cases for blockchain technologies. If the billionaire bank CEO is right, another top cryptocurrency could be a better buy.
Source Fool.com