JPMorgan CEO: ‘Bitcoin is Decentralized Ponzi Fraud’

The CEO of the largest US investment bank JPMorgan, Jamie Dimon, recently told US lawmakers that he is not a fan of cryptocurrencies. In fact, according to him, most cryptocurrencies, such as bitcoin (BTC)nothing more than glorified ‘Ponzi fraud’.

Jamie Dimon hates crypto

During the speech, Dimon hardly had a good word for the crypto industry. It was previously known that he is not exactly a supporter of the sector, but with these new statements he reaffirms his position. He also took a stand against cryptocurrencies identifying as currencies at a time when several countries and jurisdictions are considering adopting bitcoin as legal tender, which reports Bloomberg

“I am a big skeptic about cryptocurrencies, which you call currency, like bitcoin. […] They are decentralized Ponzi schemes,” Dimon said.

At the same time, the director emphasized that blockchain, decentralized finance (DeFi)ledgers and smart contracts have significant value. So not everything resulting from the crypto industry is bad according to Dimon. Only the cryptocurrencies themselves have no value, according to the JPMorgan CEO.

JPMorgan and bitcoin adoption

It is also important to distinguish between Jamie Dimon’s personal beliefs and the actual policies of the bank he heads. While Dimon is clearly not enamored with the crypto industry, JPMorgan continues to take steps to cautiously embrace the crypto market.

earlier Dimon already indicated that he himself would prefer not to know anything about the crypto industry, but that a growing demand from clients still compels the bank to offer certain crypto services.

In May this year, the giant bank even released a report listing cryptocurrencies as their favorite ‘alternative investment class’ labeled. The CEO of JPMorgan therefore seems quite anti-crypto, but this conviction does not directly shine through to the policy of the bank.

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