JPMorgan CEO slams Bitcoin as ‘a hyped-up fraud’ and ‘pet rock’

    JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon has continued to specific his disapproval of Bitcoin (BTC) and different cryptocurrencies after he ultimate 12 months in contrast Bitcoin to a “Ponzi scheme.”

    Throughout an look on CNBC’s Squawk Field on January 19, Dimon was questioned about his most up-to-date stance on cryptocurrencies. In response, he requested the panel why they “waste any breath” discussing the topic earlier than taking a dig on the flagship virtual asset, “Bitcoin itself is a hyped-up fraud, a pet rock.”

    Though speaking concerning the qualities of distributed ledger technology and ledger expertise that JPMorgan thinks might be deployable as cash, he questioned whether or not Bitcoin actually is a retailer of worth or as scarce because it’s alleged to be.

    “How do you know it [Bitcoin] is going to stop at 21 million? Maybe it’s going to get to 21 million, and Satoshi’s picture is going to come up and laugh at you all.”

    Dimon’s response to FTX collapse 

    The JPMorgan CEO additionally admittedly revealed he was ‘not surprised at all’ by the failure and subsequent chapter of FTX, as soon as a number of the primary crypto exchanges within the world, ‘I called it a decentralized Ponzi scheme.’

    Debated about saying whether or not virtual currency expertise itself is a distributed Ponzi scheme and what occurred to FTX are two various things to which he replied.

    “You guys have all seen the analysis of Tether and all these things, the lack of disclosures, its outrages. Regulators should have stopped this a long time ago. People have lost billions of dollars if you look at its lower-income people, in some cases retirees.”

    He added:

    “Crypto itself doesn’t do anything. It’s a pet rock, and you can own it all you want. I don’t care about Bitcoin, so we should drop the subject.”

    Dimon is understood to be a significant skeptic of cryptocurrencies, having beforehand known as Bitcoin a ‘fraud.’ Regardless of Dimon’s criticism of Bitcoin, JPMorgan is actively concerned with incorporating distributed ledger technology into its providers. As an illustration, the lender has its token dubbed JPM Coin for intraday repurchase agreements. Whereas in December, the financial institution formally registered a virtual currency pockets trademark.

    Featured picture through NBC Information YouTube.

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