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Alex Dovbnya
JPMorgan CEO Jamie Dimon remains a staunch critic of cryptocurrencies, describing them as a “decentralized Ponzi scheme”
During an appearance at JP Morgan’s 41st Annual Healthcare Conference, JPMorgan CEO Jamie Dimon called Bitcoin a decentralized Ponzi scheme.
Dimon voiced his criticism of Bitcoin and other virtual currencies. In 2017, he called Bitcoin a “fraud” and said any JPMorgan trader caught trading it would be fired on the spot.
Since then, Dimon has softened his stance somewhat and even stated that he believes blockchain technology has value. JPMorgan itself has repeatedly dabbled in blockchain despite its boss’ negative attitude towards crypto.
However, Dimon was adamant in his criticism of Bitcoin itself. Dimon sees it as a speculative “asset” that can never replace real money or become an effective payment system.
He argues that cryptocurrencies are more frequently used for illicit than legal activities and points to the fact that most people own them as investment vehicles – because their prices go up and down so much – rather than to purchase products and services.
Dimon no longer directly and harshly attacks crypto assets like he did in 2017, but he still doesn’t want to see them as anything other than dangerous speculative tools that have no real value.
As reported by U.Today, Dimon called Bitcoin dirty and expensive in October. In December, he compared cryptocurrencies to fart rocks.
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