JPMorgan CEO Calls Bitcoin a 'Ponzi Scheme', Sparks Controversy
- Jamie Dimon criticizes Bitcoin as a “Ponzi scheme”.
- JPMorgan explores blockchain and crypto investments.
- Contradiction between Dimon's vision and the bank's actions.
JPMorgan Chase CEO Jamie Dimon has once again drawn attention by reiterating his critical view of Bitcoin. In a recent interview with CBS News’ “Sunday Morning,” Dimon described the world’s largest cryptocurrency as a “Ponzi scheme” and compared its intrinsic value to that of a “worthless pet rock.”
At the time of publication, the price of Bitcoin was quoted at US$91.768,10 with a drop of 3.4% in the last 24 hours.
Dimon highlighted Bitcoin’s lack of real value and its frequent association with illicit activities such as money laundering and ransomware attacks. “People can invest all they want in it, but I think it’s a complete waste of time and money,” he said.
Despite these statements, Dimon’s stance on cryptocurrencies has varied over the years. While he has reiterated his criticism of Bitcoin, he has also acknowledged the potential of other cryptocurrencies that have practical applications, such as tokens that support smart contracts. In 2018, the executive even expressed regret for calling Bitcoin a “fraud,” but his messages have generally remained consistent in devaluing the asset.
While Dimon remains skeptical, JPMorgan has taken a more balanced approach. The bank has been exploring blockchain technology and offering Bitcoin-related products to institutional clients. This contradiction has drawn criticism from the industry. John Deaton, founder of CryptoLawsUS, pointed out that less than 1% of Bitcoin transactions are associated with illegal activity, contrasting with Dimon’s claims.
Additionally, JPMorgan holds shares in Bitcoin funds such as the Grayscale Bitcoin Trust and BlackRock’s IBIT, reinforcing the ambivalence between Dimon’s views and the bank’s actions. Despite publicly criticizing Bitcoin, JPMorgan continues to invest in crypto-based solutions, indicating that the institution recognizes the strategic value of the sector.
Dimon also praised the efficiency of blockchain technology, saying it “will move money and data.” Despite his negative stance on Bitcoin, Dimon believes that a form of digital currency will inevitably emerge in the future.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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