Bitcoin a ‘Pet Rock Ponzi’ Suggests JPM Head Jamie Dimon

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JPMorgan Chase CEO Jamie Dimon dissed Bitcoin (but once more) on the sidelines of the Environment Economic Forum’s once-a-year summit in Davos, Switzerland.

In an job interview with CNBC, Dimon explained, “Bitcoin itself is a hyped-up fraud, it’s a pet rock,” Creating it very clear after again that the top rated executive doesn’t treatment about Bitcoin Dimon also questioned its 21 million coin cap.

Satoshi Will Giggle at Bitcoiners

The banker said, “How do you know it’s gonna end at 21 million? Absolutely everyone suggests that perfectly, possibly it is gonna get to 21 million and Satoshi’s picture is going to occur up and snicker at you all.”

This is not the very first time Dimon has criticized Bitcoin. The CEO declared in 2021, “I individually assume that Bitcoin is worthless.” In 2018, Dimon argued, “I did not want to be the spokesman from bitcoin. I don’t definitely give a shit — which is the stage, Alright?” In September 2017, he referred to bitcoin as a hoax.

In a recent interview with Fox Small business Network, the Wall Avenue manager termed crypto a “decentralized Ponzi scheme” that has damage several persons. He stated, “I termed it a decentralized Ponzi scheme because people today ended up just hyping it – hyping it, and hyping it – and they’ll publish tons of guides on this, the dollars that was stolen out of it, what people today knew and didn’t know,”

The government also reasoned that he was not stunned by the FTX failure.

Record of Bitcoin Criticism

He referred to bitcoin as a “terrible retail store of value” in 2014. He predicted its demise a 12 months later on. But, the banker is knowledgeable of the worth of the know-how.

He told CNBC, “Blockchain is a know-how ledger process that we use to transfer information and facts. We have employed it to do right away repo, intraday repo… That’s a know-how ledger, almost everything that we assume will be deployable.”

Notably, the financial commitment financial institution has actively chased investments in Blockchain and cryptocurrencies even though disparaging the sector for a long time. Daniel Pinto, president of JPMorgan, has also downplayed the significance of cryptocurrencies as a niche asset class while executing business enterprise as typical.

JP Morgan also unveiled a report before this thirty day period that examined the U.S. crypto current market. It is a significant transfer contemplating JPM is a person of the best U.S. banking companies. 

Disclaimer

BeInCrypto has attained out to firm or individual included in the tale to get an official statement about the new developments, but it has but to listen to back.

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