Bitcoin a ‘Pet Rock Ponzi’ Says JPM Head Jamie Dimon

JPMorgan Chase CEO Jamie Dimon dissed bitcoin (again) on the sidelines of the World Economic Forum’s annual summit in Davos, Switzerland.

In an interview with CNBC, Dimon said, “Bitcoin itself is a publicized hoax, it’s a pet rock,” making it clear once again that the top executive doesn’t care about bitcoin; Dimon also questioned its 21 million coin cap.

Satoshi will laugh at bitcoiners

The banker said, “How do you know it’s going to stop at 21 million? Everyone says well, maybe it’s going to stop at 21 million and Satoshi’s picture comes up and you all laugh.”

This is not the first time Dimon has criticized bitcoin. “I personally think bitcoin sucks,” the CEO declared in 2021. In 2018, Dimon argued, “I didn’t want to be a spokesperson against bitcoin. I really don’t give a shit – that’s the point, okay? In September 2017, he referred to bitcoin as a fraud.

In a recent interview with Fox Business Network, the Wall Street boss called crypto a “decentralized Ponzi scheme” that has hurt many. He said, “I called it a decentralized Ponzi scheme because people were just exaggerating it – exaggerating it, exaggerating it – and they would write a lot of books on it, the money that was stolen from it , Those who knew and did not know what had happened,”

The executive also argued that he was not surprised by the failure of FTX.

history of bitcoin criticism

He referred to bitcoin as a “terrible store of value” in 2014. He predicted its demise a year later. But, the banker is aware of the value of technology.

He told CNBC, “Blockchain is a technology ledger system that we use to transfer information. We’ve used it to do overnight repos, intraday repos… It’s a technology ledger, whatever we think That would be deployable.

Notably, the investment bank has actively pursued investments in blockchain and cryptocurrencies, while disparaging the sector over the years. JPMorgan Chairman Daniel Pinto has also downplayed the importance of cryptocurrencies as a niche asset class while maintaining business as usual.

JP Morgan also released a report earlier this month examining the US crypto market. This is an important step considering JPM is one of the top US banks.


BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.

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