In an interview, Jamie Dimon, CEO of JP Morgan, lately blasted bitcoin (BTC) as a modern-day hoax whereas praising blockchain expertise.
The CEO of JP Morgan Chase, Jamie Dimon, has continued to specific his hatred for the main cryptocurrency and different digital belongings after evaluating bitcoin (BTC) to a “ponzi scheme” earlier this yr.
Dimon, a vocal opponent of bitcoin, has referred to as the digital foreign money a Ponzi, pet rock, and most lately a “hyped-up hoax” amongst different harsh phrases.
Dimon believes blockchain expertise is the way forward for cash
On Jan. nineteenth, Dimon spoke on CNBC’s Squawk Field, the place he was requested about his present stance on cryptocurrency. In response, he questioned the opposite panelists why they wasted time addressing the matter earlier than attacking the world’s first cryptocurrency, stating, “Bitcoin itself is a hyped-up phony, a pet rock.”
Nevertheless, he casts doubt on whether or not bitcoin is a retailer of worth or as scarce as it’s supposed to be whereas praising the blockchain and ledger applied sciences that JP Morgan internally makes use of and expects might be harnessed for future cash transactions.
“How are you positive it should finish at 21 million bitcoins? Maybe when it reaches 21 million, Satoshi’s picture will seem and he’ll giggle at you all.”
Jamie Dimon, CEO of JP Morgan Chase.
Dimon: I believed FTX was a Ponzi Scheme
Throughout a dialogue on the cryptocurrency enterprise as an entire, JP Morgan’s CEO and chairman acknowledged candidly that he was not shocked by the failure and chapter of FTX, previously probably the most distinguished cryptocurrency exchanges on this planet. He mentioned he had beforehand referred to FTX as a “decentralized ponzi fraud.”
Jamie made the comment as a dig at tether’s purported lack of transparency and greenback backing, saying that American officers ought to have halted the doubtful conduct way back.
He continued by saying that as a consequence of the uncontrolled exercise, people have misplaced billions of {dollars}, notably these with decrease incomes and, in some situations, the aged.
Regardless of Dimon’s skepticism of bitcoin, JP Morgan is actively making an attempt to combine blockchain expertise into its enterprise procedures. For instance, the lending group makes use of a cryptocurrency often called JPM Coin to hold out intraday repurchase agreements.