Key Points:
- JPMorgan Chase CEO Jamie Dimon reiterated his scepticism about Bitcoin, calling it a “complete waste of time and money.”
- Despite his harsh stance on Bitcoin, Dimon still supports blockchain technology.
JPMorgan Chase CEO Jamie Dimon once again called Bitcoin a “Ponzi scheme,” something that is not only worthless but abused by the worst of actors.
Read more: Goldman Sachs, JPMorgan Chase Eye Crypto Clients as IPO Prospects Surge
JPMorgan Chase CEO Names Bitcoin as a “Ponzi Scheme”
Dimon recently likened the leading cryptocurrency, in an interview with CBS News, to bad habits, for he has every right to buy or sell, though this doesn’t make it a good idea.
JPMorgan Chase CEO Jamie Dimon has long attacked Bitcoin. As early as April 2024, he described it as a “Ponzi scheme.” Yet he had sometimes dialled back his rhetoric, at least once in 2018, when he said he wished he hadn’t called Bitcoin a fraud. But his underlying message has remained the same.
Dimon Acknowledges Promise in Application-based Cryptocurrencies
Dimon’s take on cryptocurrency is not completely trashing. Although he dismisses Bitcoin’s prospect, he accepts the general concept of cryptocurrencies and their utility cases as smart contract-enabling ones.
JPMorgan Chase CEO highly advocates blockchain technology. With him at the helm, JPMorgan has made significant investments in blockchain, for example, by coming up with JPM Coin, a cryptocurrency token that allows instant payments.
Despite the growing institutional acceptance of Bitcoin, Dimon does not hold back. “People can invest in it all they want,” he said. Bitcoin, in his estimation, is a “complete waste of time and money.”
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