JPMorgan CEO denounces Bitcoin as a fad fraud and a pet rock

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JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon has continued to voice his disapproval of bitcoin (BTC) and other cryptocurrencies after he compared bitcoin to a “Ponzi scheme” last year.

During an appearance on CNBC’s Squawk Box on January 19, Dimon was asked about his most recent stance on cryptocurrencies. In response, he asked the panel why they were “losing their breath” discussing the topic before digging into the flagship digital asset, Bitcoin itself is a fashionable fraud, a pet rock.

While talking about the qualities of blockchain and ledger technology that JPMorgan believes can be deployed as money, he questioned whether Bitcoin was truly a store of value or as rare as it is supposed to be. ‘be.

How do you know [Bitcoin] going to stop at 21 million? Maybe it will reach 21 million, and Satoshi’s picture will appear and laugh at all of you.

Dimons reaction to the collapse of FTX

JPMorgan’s CEO also acknowledged that he was not at all surprised by the failure and subsequent bankruptcy of FTX, once one of the world’s leading crypto exchanges, I called it a decentralized Ponzi scheme.

He debated whether cryptocurrency technology itself is a decentralized Ponzi scheme and what happened to FTX are two different things which he answered.

You’ve all seen the analysis of Tether and all those 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 low income people, in some cases retirees.

He added:

Crypto itself does nothing. He’s a pet, and you can own him as much as you want. I don’t care about bitcoin, so we should drop the topic.

Dimon is known to be a huge cryptocurrency skeptic, having previously called Bitcoin a fraud. Despite Dimons’ criticism of Bitcoin, JPMorgan is actively involved in integrating blockchain into its services. For example, the lender has its token dubbed JPM Coin for intraday repurchase deals. While in December, the bank officially registered a cryptocurrency wallet brand.

Featured image via NBC NewsYouTube.

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