May 28, 2024
Security News

JPMorgan's CEO Jamie Dimon Renews Attack on Bitcoin, Calls It "Fraud"

Jamie Dimon recently affirmed his longstanding stance against Bitcoin. In an interview with Bloomberg TV, the CEO of JPMorgan labeled the leading digital asset a "fraud" and "Ponzi Scheme." According to Dimon, Bitcoin lacks the fundamental qualities necessary to function as a currency.

Dimon Labels Bitcoin "Ponzi Scheme"

"Crypto, if you mean crypto like Bitcoin, I've always said it's a fraud. If they think there is a currency, there's no hope for it. It's a Ponzi scheme, it is a public decentralized Ponzi scheme," Dimon mentioned. He dismissed Bitcoin as merely a speculative asset, saying those who view it as a legitimate form of money are misguided.

Despite acknowledging Bitcoin's role in modern financial markets, Dimon does not believe that the token has the potential to function as a currency. Throughout the years, he has consistently expressed skepticism about Bitcoin, citing concerns about volatility and the lack of regulation. Despite the growing acceptance of the asset by mainstream institutions, Dimon's stance has not changed.

JUST IN: JPMorgan CEO Jamie Dimon says #Bitcoin is a fraud and a ponzi scheme.JPMorgan is an authorized participant for BlackRock's Spot Bitcoin ETF. pic.twitter.com/4tpjkaZ0TV

— Watcher.Guru (@WatcherGuru) April 18, 2024

In January, while speaking during the World Economic Forum in Davos, Dimon said that he was officially done discussing Bitcoin. He likened it to a "pet rock," CNBC reported. His comments echoed similar sentiments he expressed in 2021 and the previous year in Davos, terming Bitcoin as "worthless" and a "hyped-up fraud." However, Dimon's remarks highlighted a distinction between blockchain technology and Bitcoin.

Perspective on Smart Contracts

Dimon acknowledged the practical applications of blockchain technology in facilitating efficient transactions and data transfer. He is optimistic about smart contract-enabled blockchains, such as Ethereum, which facilitate the execution of financial transactions without the need for intermediaries.

Jamie Dimon on the cryptocurrency industry: "I'd close it down" https://t.co/vimnFywEjk

— CBS Mornings (@CBSMornings) December 10, 2023

In his latest remarks with Bloomberg TV, Dimon said: "If it's a crypto coin that can do something like, you know, a smart contract that has value, there will be smart contracts and blockchain works."

Dimon's latest comments arrived a day before the most important event in the Bitcoin blockchain: Bitcoin halving. This event occurs approximately every four years and cuts the rewards for Bitcoin miners by half. Currently, the cryptocurrency world is excited about the upcoming halving, especially with recent developments like the approval of spot Bitcoin ETFs.

This article was written by Jared Kirui at www.financemagnates.com.