2 years ago
JPMorgan Chase CEO Jamie Dimon said successful a U.S. legislature proceeding that crypto tokens, similar bitcoin, are “decentralized Ponzi schemes.” He told lawmakers: “I’m a major skeptic connected crypto tokens which you telephone currency.”
JPMorgan CEO Jamie Dimon Calls Crypto Ponzi Schemes
Jamie Dimon, the CEO of JPMorgan Chase & Co., shared his presumption astir cryptocurrencies, naming bitcoin successful particular, successful a legislature proceeding Wednesday.
Responding to a question by Representative Josh Gottheimer (D-NJ) astir the accelerated improvement of integer assets, Dimon emphasized the value of separating cryptocurrencies from different innovations that helium said are “real,” similar blockchain, decentralized concern (defi), and “tokens that bash something.”
The enforcement opined:
I’m a large skeptic connected crypto tokens which you telephone currency, similar bitcoin. They are decentralized Ponzi schemes.
“And the conception that it’s bully for anybody is unbelievable,” helium continued. The JPMorgan brag proceeded to notation that billions of dollars are mislaid each twelvemonth done crypto, linking cryptocurrencies to crimes specified arsenic ransomware payments, wealth laundering, sex-trafficking, and theft. He emphasized that crypto is “dangerous.”
The JPMorgan enforcement besides talked astir stablecoins, which helium said would not beryllium problematic with due regulation. “There’d beryllium thing incorrect with a stablecoin, which is similar a wealth marketplace fund, decently regulated,” Dimon stated. Regarding blockchain, helium affirmed that JPMorgan is “a large idiosyncratic of blockchain.”
A longtime bitcoin skeptic, Dimon has warned investors connected respective occasions to beryllium cautious astir investing successful cryptocurrencies, cautioning that they person no intrinsic value. He antecedently said bitcoin is worthless and questioned BTC’s constricted supply. The JPMorgan chief, however, has repeatedly said that blockchain and defi are real. In May, the planetary concern slope said it expects increased blockchain use successful finance.
Meanwhile, JPMorgan is offering immoderate crypto-related investments, has its ain JPM Coin, and has a lounge successful the metaverse. JPMorgan’s analysts are besides much bullish astir bitcoin and cryptocurrency than the bank’s CEO. In May, expert Nikolaos Panigirtzoglou published a study stating that the slope has replaced “real property with integer assets arsenic our preferred alternate plus people on with hedge funds.”
Dimon besides precocious shared his predictions astir wherever the U.S. system is headed. In August, helium warned that thing worse than a recession is coming. In June, helium cautioned astir an economic hurricane, advising individuals and businesses to brace for impact.
What bash you deliberation astir JPMorgan CEO Jamie Dimon’s comments astir cryptocurrencies, including bitcoin? Let america cognize successful the comments conception below.
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