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CEO of JP Morgan Slams Bitcoins and Cryptocurrencies as ‘Decentralized Ponzi Schemes’

CEO of JP Morgan Slams Bitcoins and Cryptocurrencies as ‘Decentralized Ponzi Schemes'

Jamie Dimon, the Chairman, and CEO of JPMorgan Chase has once again attacked cryptocurrencies, focusing on bitcoin. Dimon believes that cryptocurrencies are “decentralized Ponzi schemes.” 

Nevertheless, Dimon recognized that blockchain, decentralized finance (DeFi), “tokens that do something,” as well as regulated stablecoins add value.

Dimon Has Criticized Cryptocurrency Before

Dimon has not been silent on the topic of cryptocurrency for a long time. In a February 2022 interview, he said banks and tax authorities back currencies.

In the cryptocurrency community, the latest development endorses the banker’s reputation as an advocate of legacy finance who will do anything to disparage cryptos.  Dimon recently told a congressional committee that he is skeptical about crypto tokens, referred to as money like bitcoin by the media.

 

In October of last year, Dimon slammed bitcoin, calling it “worthless,” in his opinion. However, despite JPMorgan’s inability to “custody” bitcoin, the CEO added that the company’s customers were “adults,” and he was willing to provide them with “as clean an access” to bitcoin as possible.

It is consistent with his recently presented position to American legislators that decentralized finance and blockchain technology is real, new technologies that can be deployed in public and private fashion, permissioned or not, in his April 2022 letter to JPMorgan shareholders.

Introducing JPM Coin in 2020, a proprietary token created by JPMorgan to facilitate payment settlement between institutional customers, marking JPMorgan’s entry into the blockchain space.

As part of its metaverse emphasis earlier this year, the bank asserted it would “provide a big opportunity for business-to-business businesses” and that “there is potential in practically every market sector when you consider the economics of the metaverse—or metanomics.”

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