JPMorgan Chase CEO Jamie Dimon has openly condemned Bitcoin and cryptocurrency in general as a Ponzi scheme, calling it a fraud.
In an interview with CNBC’s Squawk Box panel, the financial executive called discussions about cryptocurrencies a waste of breath. He said that Bitcoin is a “hyped-up fraud, a pet rock”.
However, he does commend the blockchain and ledger technology that the digital asset depends on, saying that it can be deployed on money.
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In addition, he said that the collapse of FTX in 2022 was not a surprise to him. “You guys have all seen the analysis of Tether and all these things, the lack of disclosures, its outrages. Regulators should have stopped this a long time ago. People have lost billions of dollars if you look at its lower-income people, in some cases retirees,” Dimon further said.
The business leader has always been a critic of cryptocurrency. Although, his employer, JPMorgan Chase, registered a crypto wallet trademark in December 2022 and it has been using blockchain tech in its services.
Need to know: Blockchain technology is a distributed ledger system that allows multiple parties to record, verify and share transactions on a network without the need for a central authority. Each block in a blockchain contains a list of transactions that are grouped together and added to the chain, creating an unbreakable record of all transactions on the network. While it is often associated with cryptocurrencies, such as Bitcoin, the technology has the potential to be applied in a variety of industries, including finance, supply chain management, and voting systems.
Crypto critics are never hard to find and Jamie Dimon finds himself among good company when it comes to business heads who are against digital assets. From Warren Buffet, who dislikes it because of its speculative nature, to Euro Pacific Capital’s Peter Schiff, who dislikes not just crypto, but also paper money. Former world’s richest man Bill Gates also criticises Bitcoin, although his own reason is because of the amount of power that goes into mining it.
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