Longtime crypto skeptic JPMorgan chief executive Jamie Dimon says he will never buy Bitcoin (BTC) even as the digital asset soars to a new all-time high (ATH).

In a new Reuters report, Dimon continues his criticism of Bitcoin during remarks at the Australian Financial Review business summit during a live stream from New York.

He questions the very purpose of Bitcoin and again pushes the narrative that BTC is used for illegal activity like sex trafficking, fraud and terrorism – although crypto supporters have argued the US dollar is more commonly used for criminal activity than digital assets.

Says Dimon,

“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. I won’t personally ever buy a Bitcoin.”

In his remarks, Dimon also suggests that the Federal Reserve should not start cutting rates until after June.

“I think they have to be data-dependent. If I were them, I would wait. You can always cut it quickly and dramatically. Their credibility is a little bit at stake here. I would even wait past June and let it all sort it out.”

Dimon thinks that while the US economy is strong there is a 65% chance of some type of recession occurring.

According to Reuters, markets believe there is an 84% probability that the Fed will lower rates in June and have priced in 90 basis points of cuts by the end of the year. The current Fed rate is 550 basis points.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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