JPMorgan CEO Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are ‘Decentralized Ponzi Schemes’

JPMorgan Chase CEO Jamie Dimon stated in a U.S. congressional listening to that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He advised lawmakers: “I’m a main skeptic on crypto tokens which you name foreign money.”

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 Consultant Josh Gottheimer (D-NJ) in regards to the fast improvement of digital property, Dimon emphasised the significance of separating cryptocurrencies from different improvements that he stated are “actual,” like blockchain, decentralized finance (defi), and “tokens that do one thing.”

The chief opined:

I’m a significant skeptic on crypto tokens which you name foreign money, 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 annually by crypto, linking cryptocurrencies to crimes akin to ransomware funds, cash laundering, sex-trafficking, and theft. He emphasised that crypto is “harmful.”

The JPMorgan govt additionally talked about stablecoins, which he stated wouldn’t be problematic with correct regulation. “There’d be nothing unsuitable with a stablecoin, which is sort of a cash market fund, correctly regulated,” Dimon said. Concerning blockchain, he affirmed that JPMorgan is “a giant consumer 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 stated bitcoin is worthless and questioned BTC’s restricted provide. The JPMorgan chief, nonetheless, has repeatedly stated that blockchain and defi are real. In Could, the worldwide funding financial institution stated it expects increased 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 replaced “actual property with digital property as our most popular different asset class together with hedge funds.”

Dimon additionally 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 economic hurricane, advising people and companies to brace for affect.

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What do you consider JPMorgan CEO Jamie Dimon’s feedback about cryptocurrencies, together with bitcoin? Tell us 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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