Jamie Dimon, CEO of JPMorgan Chase, told a congressional hearing that crypto tokens like bitcoin are a “{13 a “decentralized Ponzi scheme,” he said. He told lawmakers.” I am a a big skeptic of crypto tokens called currencies.”
JPMorgan CEO Jamie Dimon calls crypto a Ponzi scheme
Jamie Dimon, CEO of JPMorgan Chase&, shared his views on cryptocurrencies. Co. expressed his views on cryptocurrencies at a congressional hearing on Wednesday, specifically naming bitcoin.
In response to a question from Rep. Josh Gottheimer (D-MD) on the rapid development of digital assets, Dimon stressed the importance of separating cryptocurrencies from other innovations that he said are “real,” such as blockchain, decentralized finance (defi), and “tokens that do something.” He emphasized.
and the executive opined.
I am a big skeptic of crypto tokens that you call currencies like bitcoin. They are decentralized Ponzi schemes.
“And the notion that it’s good for anyone is incredible,” he continued, noting that billions of dollars are lost each year through crypto, and that the JP Morgan boss has He proceeded to link them to crime. He emphasized that crypto is “dangerous.”
The JPMorgan executive also spoke about stablecoins, which he said would be fine with proper regulation.” It’s like a money market fund, there would be no problem with a properly regulated stablecoin,” Dimon said. As for blockchain, he affirmed that JP Morgan is “a big user of blockchain.”
A longtime Bitcoin skeptic, Dimon has warned investors on several occasions to be wary of investing in cryptocurrencies, reminding them that they have no intrinsic value. He has previously stated that bitcoin is worthless and questionedthe limited supply of BTC. But the JP Morgan chief has repeatedly stated that blockchain and defi are real; in May, the global investment bank said it expects to see increased use of blockchain in finance.
Meanwhile, JP Morgan offers several crypto-related investments, has its own JPM coin, and lounges in the metaverse.JP Morgan analysts are also more bullish about bitcoin and cryptocurrencies than the bank’s CEO.In May, analyst Nikolaos Panigirtzoglou published a report that the bank has “replaced real estate with digital assets as the preferred alternative asset class alongside hedge funds.”
Dimon also recently shared his predictions for the future of the U.S. economy: in August, he warned of something worse than a recession coming; in June, he warned of an economic hurricane and advised individuals and businesses to prepare for the impact.
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