JPMorgan CEO Jamie Dimon criticized Bitcoin as a “decentralized Ponzi scheme” when speaking at the J.P. Morgan 41st Annual Healthcare Conference.
JPMorgan CEO Lambasts Bitcoin as “Decentralized Ponzi Scheme”
Dimon has made a point of publicly criticizing Bitcoin and other cryptocurrencies. He made headlines in 2017 when he referred to Bitcoin as a “fraud” and threatened to terminate any JPMorgan traders who were found trading it.
After that, Dimon changed his tone and said he thought blockchain technology had certain use cases. Despite its boss’s distaste for cryptocurrencies, JPMorgan has frequently experimented with blockchain. Dimon has vehemently criticized Bitcoin itself, though. Dimon views it as a speculative “asset” that will never be able to replace or function as a payment system fully.
He argues that cryptocurrencies are more frequently used for illegal than for legitimate purposes, and he emphasizes the fact that most individuals own them as investment vehicles because of how dramatically their prices fluctuate, rather than using them to pay for goods and services.
As of 2017, Dimon no longer directly censures crypto assets, but he is still unwilling to recognize them as more than risky speculative instruments with no intrinsic value. In October, Dimon criticized Bitcoin, calling it “dirty” and “expensive.” He compared cryptocurrency to pet rocks in December.
Read more:
- Pantera Fund Purchased Bitcoin For Nearly $50 Million
- Bitcoin Whales Have Been Inactive As +10M Transactions Now Account For Only 19% Of Total Volume
- Whale Address That Has Been Quiet For Long Time Suddenly Awakens While Bitcoin Is Anemic
- A Two-Year High In Bitcoin Addresses With More Than 10 BTC