JPMorgan CEO: Bitcoin Is A Hyped Up Fraud

JPMorgan CEO: Bitcoin Is A Hyped Up Fraud. 

Chairman and chief executive of JP Morgan Chase, Jamie Dimon, has yet again recently voiced his pessimism and negative view on cryptocurrencies, more specifically, Bitcoin.

Bitcoin Is A Fraud

In an interview on Thursday on CNBC, Dimon says that he views the crypto industry as a “complete sideshow” following the collapse of crypto exchange FTX. Dimon argues that he views the crypto tokens as “a waste of time” and too often tied to criminal activities to be good news.

“Bitcoin itself is a hyped-up fraud. It’s a pet rock,” Dimon says. The JPMorgan CEO adds that he wasn’t necessarily surprised by the collapse and bankruptcy of FTX, saying “I called it a decentralized ponzi scheme. The hype around this thing has been extraordinary, Crypto itself doesn’t do anything.”

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“Bitcoin itself is a hyped-up fraud,” says @jpmorgan CEO Jamie Dimon. “Crypto is a decentralized Ponzi scheme…It’s a pet rock.” pic.twitter.com/9KQfckty8f

— Squawk Box (@SquawkCNBC) January 19, 2023

BTC’s 21M Supply

Jamie Dimon also expresses his skepticism on Bitcoin’s concept of having a limited supply of 21 million coins. “How do you know it’s gonna stop at 21 million?” he asks, “Maybe it’s gonna get to 21 million and Satoshi’s picture is gonna come up and laugh at you all.”

“You all read the algorithms? You guys all believe that? I don’t know, I’ve always been a skeptic of stuff like that,”

Despite his skepticism and pessimism against Bitcoin and cryptocurrencies however, Dimon expresses that he views blockchain in a different light, instead having a rather positive view on blockchain technology altogether. 

“Blockchain is a technology ledger system that we use to move information… we use it to move money. So that is a ledger that we think will be deployable.”

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