Jamie Dimon recently affirmed his long-held stance against Bitcoin. In an interview with Bloomberg TV, the JPMorgan CEO called the leading digital asset a “fraud” and a “Ponzi scheme.” According to Dimon, Bitcoin lacks the fundamental qualities necessary to function as a currency.
Dimon Calls Bitcoin a “Ponzi Scheme”
“Crypto, if you're talking about crypto like Bitcoin, I've always said it's a fraud. If they think there's a currency, there's no hope. It's a Ponzi scheme, it’s a decentralized public system,” Dimon said. He dismissed Bitcoin as simply a speculative asset, saying those who view it as a legitimate form of money are mistaken.
Although he recognizes Bitcoin's role in modern financial markets, Dimon does not believe the token has the potential to function as a currency. Over the years, he has consistently expressed skepticism toward Bitcoin, citing concerns about volatility and lack of regulation. Despite the growing acceptance of this asset by traditional institutions, Dimon's position has not changed.
JUST IN: JPMorgan CEO Jamie Dimon Says #Bitcoin is a fraud and Ponzi scheme. JPMorgan is an authorized participant in BlackRock's Spot Bitcoin ETF. pic.twitter.com/4tpjkaZ0TV
– Watcher.Guru (@WatcherGuru) April 18, 2024
In January, during a speech at the World Economic Forum in Davos, Dimon said he was officially done discussing Bitcoin. He compared it to a “pet stone,” CNBC reported. His comments echoed similar sentiments he expressed in 2021 and the previous year at Davos, calling Bitcoin “worthless” and an “overblown fraud.” However, Dimon's remarks highlighted a distinction between blockchain technology and Bitcoin.
Perspective on smart contracts
Dimon recognized the practical applications of blockchain technology to facilitate efficient transactions and data transfer. He is optimistic about smart contract-based blockchains, like Ethereum, that make it easier to execute financial transactions without the need for intermediaries.
Jamie Dimon on the cryptocurrency industry: “I would shut 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 work. »
Dimon's latest comments come a day before the most important event in the Bitcoin blockchain: the Bitcoin halving. This event occurs approximately every four years and cuts Bitcoin miners' rewards in half. Currently, the cryptocurrency world is excited about the upcoming halving, especially with recent developments such as the approval of spot Bitcoin ETFs.
This article was written by Jared Kirui at www.financemagnates.com.
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