JPMorgan’s CEO Jamie Dimon Renews Attack on Bitcoin, Calls it “Fraud”

STO News

Jamie Dimon recently affirmed
his longstanding stance against Bitcoin. In an interview with Bloomberg
TV, the CEO of JPMorgan labeled the leading digital asset a
“fraud” and “Ponzi Scheme.” According to Dimon, Bitcoin lacks the fundamental
qualities necessary to function as a currency.

Dimon Labels Bitcoin “Ponzi Scheme”

“Crypto, if you mean crypto like Bitcoin, I’ve
always said it’s a fraud. If they think there is a currency, there’s no hope for
it. It’s a Ponzi scheme, it is a public decentralized,” Dimon mentioned. He dismissed Bitcoin as merely a speculative
asset, saying those who view it as a legitimate form of
money are misguided.

Despite acknowledging Bitcoin‘s role in modern
financial markets, Dimon does not believe that the token has the potential to
function as a currency. Throughout the years, he has consistently expressed
skepticism about Bitcoin, citing concerns about volatility and the lack of regulation. Despite the growing acceptance of the asset by mainstream
institutions, Dimon’s stance has not changed.

In January, while speaking during the World Economic Forum
in Davos, Dimon said that he was officially done discussing Bitcoin. He likened it to a “pet rock”, CNBC reported. His comments echoed similar sentiments he
expressed in 2021 and the previous year in Davos, terming Bitcoin as
“worthless” and a “hyped-up fraud.” However, Dimon’s remarks
highlighted a distinction between blockchain technology and Bitcoin.

Perspective on Smart Contracts

Dimon acknowledged the practical applications of
blockchain technology in facilitating efficient transactions and data transfer. He is optimistic about smart
contract-enabled blockchains, such as Ethereum, which facilitate the execution of financial transactions without the need for intermediaries.

In his latest remarks with Bloomberg TV, Dimon said:
“If it’s a crypto coin that can do something like, you know, a smart
contract that has value, there will be smart contracts and blockchain
works.”

Dimon’s latest comments arrive a day before the most important event in the Bitcoin blockchain: Bitcoin halving. This event occurs approximately every four years and cuts the rewards for Bitcoin miners by half. Currently, the cryptocurrency world is excited about the upcoming halving, especially with recent developments like the approval of spot Bitcoin ETFs.

This article was written by Jared Kirui at www.financemagnates.com.

Leave a Reply