1 month ago
JPMorgan Chase CEO Jamie Dimon reiterated his beardown skepticism toward Bitcoin connected April 18, calling it a “fraud” and a “Ponzi scheme” contempt the lender’s engagement successful BlackRock’s spot BTC exchange-traded money (ETF).
Dimon, who has a past of critiquing the integer currency, made the latest comments during an interview connected Bloomberg TV, wherever helium expressed doubts astir Bitcoin’s inferior and legitimacy arsenic a signifier of money.
He said:
“Bitcoin and akin cryptocurrencies are simply not functional arsenic currencies. If they deliberation they’re a currency, there’s nary anticipation for it. It’s fundamentally a Ponzi strategy dressed up arsenic tech innovation.”
Despite the JP Morgan CEO’s long-standing disapproval of Bitcoin, the lender has been serving arsenic an Authorized Participant for BTC ETFs since their motorboat and has been progressive successful respective blockchain-based projects for galore years.
Dimon acknowledged the imaginable of definite aspects of blockchain exertion during the interview, peculiarly those that alteration astute contracts. He said:
“There are elements wrong the broader crypto sector, specified arsenic those facilitating astute contracts and blockchain applications, that bash contiguous existent value.”
The seasoned banker’s comments travel amid a backdrop of fluctuating crypto values, with Bitcoin having precocious rebounded to commercialized astir the $63,000 mark, importantly up from its lows but good beneath its all-time high.
Growth contempt criticism
Dimon has been vocal astir his concerns with cryptocurrencies successful the past, citing their imaginable to alteration amerciable activities specified arsenic wealth laundering, fraud, and taxation evasion owed to their anonymity and deficiency of regulation.
He has antecedently called for much stringent oversight to forestall the fiscal crimes associated with cryptocurrencies.
Despite Dimon’s captious stance implicit the years, the crypto marketplace has continued to grow, with Bitcoin’s marketplace capitalization precocious surpassing $1.2 trillion. His comments bespeak ongoing debates wrong the fiscal assemblage astir the viability and information of investments successful cryptocurrencies.
Industry analysts suggest that portion skepticism similar Dimon’s is not uncommon among accepted fiscal leaders, the innovation and adoption of blockchain exertion amusement nary signs of slowing down. As discussions astir the regulatory model continue, the aboriginal of cryptocurrencies remains a hotly contested taxable crossed planetary fiscal markets.
The station JP Morgan CEO calls Bitcoin ‘Ponzi Scheme’ contempt serving arsenic Authorized Participant for BlackRock ETF appeared archetypal connected CryptoSlate.
English (US) 