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 serious skeptic on crypto tokens which you name forex.”
JPMorgan CEO Jamie Dimon Calls Crypto Ponzi Schemes
Jamie Dimon, the CEO of JPMorgan Chase & Co., shared his view about cryptocurrencies, naming bitcoin particularly, in a congressional listening to Wednesday.
Responding to a query by Consultant Josh Gottheimer (D-NJ) concerning the speedy improvement of digital belongings, Dimon emphasised the significance of separating cryptocurrencies from different improvements that he mentioned are “actual,” like blockchain, decentralized finance (defi), and “tokens that do one thing.”
The manager opined:
I’m a serious skeptic on crypto tokens which you name forex, like bitcoin. They’re decentralized Ponzi schemes.
“And the notion that it’s good for anyone is unbelievable,” he continued. The JPMorgan boss proceeded to reference that billions of {dollars} are misplaced every year via crypto, linking cryptocurrencies to crimes akin to ransomware funds, cash laundering, sex-trafficking, and theft. He emphasised that crypto is “harmful.”
The JPMorgan government additionally talked about stablecoins, which he mentioned wouldn’t be problematic with correct regulation. “There’d be nothing improper with a stablecoin, which is sort of a cash market fund, correctly regulated,” Dimon said. Relating to blockchain, he affirmed that JPMorgan is “an enormous person 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 don’t have any intrinsic worth. He beforehand mentioned bitcoin is nugatory and questioned BTC’s restricted provide. The JPMorgan chief, nonetheless, has repeatedly mentioned that blockchain and defi are actual. In Could, the worldwide funding financial institution mentioned it expects elevated blockchain use in finance.
In the meantime, 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 Could, analyst Nikolaos Panigirtzoglou revealed a report stating that the financial institution has changed “actual property with digital belongings as our most popular different asset class together with hedge funds.”
Dimon additionally just lately shared his predictions about the place the U.S. economic system is headed. In August, he warned that one thing worse than a recession is coming. In June, he cautioned about an financial hurricane, advising people and companies to brace for influence.
What do you concentrate on JPMorgan CEO Jamie Dimon’s feedback about cryptocurrencies, together with bitcoin? Tell us within the feedback part beneath.
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