Donald Trump Considers Bitcoin-Hater Jamie Dimon For Treasury Secretary, Says JPMorgan CEO ''Changed His Tune'' On Crypto

Donald Trump Considers Bitcoin-Hater Jamie Dimon For Treasury Secretary, Says JPMorgan CEO ”Changed His Tune” On Crypto

Updated: 18 July 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Former U.S. President Donald Trump recently said he would consider making Bitcoin critic Jamie Dimon his Treasury Secretary if he retakes the White House, and added that the JPMorgan CEO has “all of a sudden changed his tune” on crypto.

Trump’s comments were made during an interview with Bloomberg that was reportedly conducted in late June this year and published on July 16. He added that he had “a lot of respect for Jamie Dimon.”

Donald Trump And Dimon Have A Rocky Relationship

Trump and the JPMorgan CEO have clashed in the past. In November 2023, the former President called Dimon a “highly overrated globalist” via a post on Truth Social. Meanwhile, Dimon urged people to support Nikki Haley, who is Trump’s opponent for the Republican nomination.

While Trump’s recent comments do not necessarily indicate Dimon is likely to take such a position in a new administration, his appointment would be a serious cause for concern for the crypto community.

The JPMorgan CEO has been a vocal critic of digital assets in the past, and called crypto a “fraud” and a “Ponzi scheme” in April.

Dimon Tells Congress He Would Shut Crypto Down If He Was The Government

During a December 2023 hearing with Congress, Dimon said that crypto is only used by criminals and drug traffickers to get away with money laundering and tax avoidance.

“If I were the government, I’d close it down,” he said. This is despite the fact that JPMorgan has its own token on the blockchain called JPM Coin.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….

— Donald J. Trump (@realDonaldTrump) July 12, 2019

Trump also has a history of criticizing Bitcoin and crypto more broadly. In 2019, while he was President, Trump posted in an X thread that he is not a fan of “Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

Trump has since changed his stance on crypto, promising to be ”crypto president” if he wins November’s election. This shift took place as many voters continue to place an emphasis on digital assets and the need for clear regulatory guidelines in the US.