JP Morgan's CEO, Jamie Dimon - Dialy Sabah

JPMorgan CEO Calls Bitcoin a ‘Decentralized Ponzi Scheme’

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JPMorgan CEO Calls Bitcoin a ‘Decentralized Ponzi Scheme’:

Jamie Dimon – Chief Executive Officer of JPMorgan Chase & Co. – has reaffirmed his negative stance on the crypto industry, by referring to bitcoin and other digital assets as “decentralized Ponzi schemes.”

JP Morgan's CEO, Jamie Dimon - Dialy Sabah
JP Morgan’s CEO, Jamie Dimon – Dialy Sabah

Despite his point of view, the multinational investment bank provides few crypto services to customers.

Recently, it vowed to continue rendering such services even though the bear market has reduced investors’ enthusiasm.

JPMorgan’s CEO is already known as one of the biggest critics of the cryptocurrency sector, particularly Bitcoin.

Over the years, he has labeled the asset “worthless” warning several investors to stay away from it.

In a recent appearance, the 66-year-old banker revalidated his critic stance for the space, calling it and other cryptocurrencies “decentralized Ponzi schemes:”

“I’m a major skeptic on crypto tokens, which you call currency, like bitcoin. They are decentralized Ponzi schemes.”

He continued further while slamming Bitcoin, that criminals use digital currencies for illicit operations, including money laundering and sex trafficking.

However,  the banking sectors have also been sanctioned for involvement in money laundering on a massive scale, while the blockchain tech behind every crypto asset, including bitcoin, is totally transparent, allowing everyone with access to the Internet to trace them.

Also read: Money laundering in Crypto and Fiat.

Meanwhile, FIAT currencies remain the most used tool for drug deals and other fraudulent affairs.

Reports estimates that between 34% to 39% of all currency in circulation is employed in such activities.

Despite Dimon’s criticism on bitcoin, he is a fan of blockchain technology and stablecoins.

In his view, they can provide absolute benefits to the financial system assuming there have comprehensive regulations.

Several months ago, the executive praised blockchain and decentralized finance again, saying these technologies are “real” and can be “deployed in both public and private fashion, permissioned or not.”

 

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