June 14, 2024


JPMorgan Chase CEO Jamie Dimon mentioned in a U.S. congressional listening to that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He instructed lawmakers: “I’m a major skeptic on crypto tokens which you call currency.”

JPMorgan CEO Jamie Dimon Calls Crypto Ponzi Schemes

Jamie Dimon, the CEO of JPMorgan Chase & Co., shared his view about cryptocurrencies, naming bitcoin specifically, in a congressional listening to Wednesday.

Responding to a query by Representative Josh Gottheimer (D-NJ) concerning the fast improvement of digital property, Dimon emphasised the significance of separating cryptocurrencies from different improvements that he mentioned are “real,” like blockchain, decentralized finance (defi), and “tokens that do something.”

The government opined:

I’m a serious skeptic on crypto tokens which you name forex, like bitcoin. They are decentralized Ponzi schemes.

“And the notion that it’s good for anybody is unbelievable,” he continued. The JPMorgan boss proceeded to reference that billions of {dollars} are misplaced every year by crypto, linking cryptocurrencies to crimes reminiscent of ransomware funds, cash laundering, sex-trafficking, and theft. He emphasised that crypto is “dangerous.”

The JPMorgan government additionally talked about stablecoins, which he mentioned wouldn’t be problematic with correct regulation. “There’d be nothing wrong with a stablecoin, which is like a money market fund, properly regulated,” Dimon acknowledged. Regarding blockchain, he affirmed that JPMorgan is “a big user of blockchain.”

A longtime bitcoin skeptic, Dimon has warned buyers on a number of events to watch out about investing in cryptocurrencies, cautioning that they’ve no intrinsic value. He beforehand mentioned bitcoin is worthless and questioned BTC’s restricted provide. The JPMorgan chief, nonetheless, has repeatedly mentioned that blockchain and defi are real. In May, the worldwide funding financial institution mentioned it expects increased blockchain use in finance.

Meanwhile, JPMorgan is providing some crypto-related investments, has its personal JPM Coin, and has a lounge within the metaverse. JPMorgan’s analysts are additionally extra bullish about bitcoin and cryptocurrency than the financial institution’s CEO. In May, analyst Nikolaos Panigirtzoglou revealed a report stating that the financial institution has replaced “real estate with digital assets as our preferred alternative asset class along with hedge funds.”

Dimon additionally lately shared his predictions about the place the U.S. financial system is headed. In August, he warned that one thing worse than a recession is coming. In June, he cautioned about an economic hurricane, advising people and companies to brace for impression.

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What do you consider JPMorgan CEO Jamie Dimon’s feedback about cryptocurrencies, together with bitcoin? Let us know within the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.

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