JPMorgan CEO Slams Cryptocurrencies, Calls Bitcoin A Ponzi Scheme!

During a congressional ceremony on Wednesday, CEO of JPMorgan, Jamie Dimon doubled down on his negative views on Bitcoin and Cryptocurrencies as a whole.

Dimon’s Statements

During the event, Dimon told lawmakers he saw crypto and digital coins as ‘dangerous’, describing them to be ‘decentralized ponzi schemes’.

I’m a major skeptic of crypto tokens, which you call currency, like Bitcoin,” Dimon says, “They are decentralized Ponzi schemes, and the notion that it’s good for anybody is unbelievable.

He also explains that the reason he views cryptocurrencies to be so dangerous is due to how unregulated they are, arguing that cryptocurrencies are used by criminals for illicit operations like sex trafficking, money laundering, and theft.

It is dangerous,” Dimon stated.

Because of this, Dimon explains that he doesn’t have the same negative views towards stablecoins, which he argues could provide benefits if properly regulated. He also added that JPMorgan itself is “a big user of blockchain.”

Related: Bitcoin Owners Look Out For Two Big Events Happening This Week!

Long-Time Skeptic

This isn’t the first time that the JPMorgan CEO has voiced his negative views on cryptocurrencies, in fact, over the years he has called digital currencies a number of things from “worthless” to “fraud” and a “fool’s gold.”

Since 2014 Dimon had told CNBC that Bitcoin was “a terrible store of value.” 

Not just him, other executives at JPMorgan seem to have a similar view on digital assets. Recently, The head of JPMorgan’s digital assets unit Umar Farooq voiced his opinions that most crypto assets out there at the moment are junk, saying: “Most of crypto is still junk actually, I mean with the exception of I would say, a few dozen tokens, everything else that has been mentioned is either noise or frankly, is just gonna go away.

Because of these negative views, Jamie Dimon had been requesting lawmakers to create regulations for these “unstable and dangerous” digital currencies as quickly as possible.

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