Jamie Dimon, CEO of JPMorgan Chase, criticized Bitcoin (again) while attending the World Economic Forum annual meeting in Davos, Switzerland.
In a CNBC interview, Dimon dismissed Bitcoin as a hyped-up fraud and pet rock, questioning its 21 million coin limit.
Satoshi’s Amusement At The Expense Of Bitcoin Supporters
The banker questioned the certainty of Bitcoin’s 21 million coin limit and suggested the creator, Satoshi, might find amusement in the situation.
“Bitcoin itself is a hyped-up fraud,” says @jpmorgan CEO Jamie Dimon. “Crypto is a decentralized Ponzi scheme… It’s a pet rock.”
Dimon has a history of being vocal about his disapproval of Bitcoin. In 2021, he stated that he believed it to be worthless. He also made derogatory statements about it in 2018, saying he didn’t care about it and calling it a hoax in 2017.
In a recent Fox Business Network interview, Dimon called crypto a decentralized Ponzi scheme, citing hype and potential for books about lost money and knowledge of those involved.
Moreover, the executive added that he did not find the FTX failure surprising.
Criticism Of Bitcoin Through Time
In 2014, he described bitcoin as a horrible store of value. He projected that it would be gone in a year. The lender is aware of the technology’s worth, though.
He explained to CNBC that we use a digital ledger system called Blockchain to move information. It has been utilized for overnight and intraday repo, and all of the technology we anticipate being deployable is listed in that ledger.
Furthermore, JPMorgan invested in crypto while criticizing it, despite Pinto downplaying its significance.
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This month, JP Morgan also made a paper available that looked at the American cryptocurrency market. JPM is among the most significant American banks, so it is an important step.
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