JPMorgan CEO breaks his vow on Bitcoin, labels BTC ‘decentralized Ponzi Scheme’

It’s no secret that JPMorgan (NYSE: JPM) CEO Jamie Dimon is not a fan of cryptocurrencies, specifically Bitcoin (BTC), having repeatedly questioned the asset’s true value in the financial landscape.

In line with his longstanding criticisms of Bitcoin, during an interview on January 17, Dimon remarked that it would be the last time he spoke about the digital currency. The executive stated that Bitcoin has no value, likening it to a “pet rock.”

However, Dimon has seemingly broken his vow of silence regarding his stance on Bitcoin. Notably, in an interview with Bloomberg published on April 18, he reiterated his position on Bitcoin, terming it a “decentralized Ponzi scheme.”

Picks for you

US economist slams Bitcoin’s status as a safe haven amid geopolitical chaos 30 mins ago
Crypto traders lost $300 million hours after explosions in Iran 35 mins ago
AI predicts SHIB price for May 1, 2024 57 mins ago
R. Kiyosaki says Bitcoin is going through the roof on the verge of World War 3 2 hours ago

Dimon’s skepticism about Bitcoin’s legitimacy noted that the crypto has no value and should be ruled out as a currency. 

“If you mean crypto like Bitcoin, I’ve always said it’s a fraud. If they think there a currency, there’s no hope for it. It’s a Ponzi scheme, it’s a public decentralized Ponzi scheme. .”

Dimon on blockchain’s value 

Despite his pessimistic outlook on Bitcoin, Dimon did acknowledge the potential value of certain aspects of cryptocurrency technology, especially the blockchain. 

“If it’s a crypto coin that can do something like a smart contract that has value. There will be smart contracts and blockchain works. So the extent crypto is accessing certain blockchain things, that might have some value,” he added. 

It’s worth noting that despite Dimon’s longstanding resistance against Bitcoin, JPMorgan has been an active player in the cryptocurrency space. For instance, the banking giant has served as an authorized participant for Bitcoin exchange-traded funds (ETFs) and has participated in several blockchain projects.

Interestingly, when asked about the rollout of Bitcoin ETFs, the executive remarked, “I don’t care.”

In the meantime, Bitcoin continues to face volatility ahead of the halving event. At press time, Bitcoin had registered gains, trading at $64,955, an increase of over 5% in the last 24 hours.

Comments

Post a Comment

Popular posts from this blog

BRICS Powerhouse To Produce 2 Billion Cubic Meters of Gas Per Day

Image
Several members of the BRICS alliance produce and export oil and gas across the world. From Russia to Brazil and Egypt, the bloc controls 45% of the global oil and gas output. If Saudi Arabia had accepted the invitation in 2023, the supply could have soared further. BRICS member Egypt announced on Friday the completion of a new drilling well in Zohr to produce natural gas. What caught everyone’s attention is not the announcement, but the sheer scale of the production capacity. The Zohr gas refinery, which is situated in the waters of the Mediterranean Sea, is estimated to produce 2 billion cubic meters of gas per day. Also Read: US Weaponizes Oil Politics to Break BRICS’ Russia-China-India Axis BRICS: Egypt To Boost 2 Billion Cubic Meters of Gas Each Day Source: Twitter The volume is equivalent to approximately 12.5 million barrels of oil per day. This gas production capacity also surpasses its BRICS counterpart, Brazil, and even Canada. The announcement reinforces Egypt’s a...
Read more

Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says

Image
Solana (SOL) has been on a rollercoaster ride of late, with its its value seeing erratic shifts and even retreating in many instances. Related Reading ARB Market Plummets 14%, But New Developments Could Reverse The Trend 14 hours ago For Solana, the sharp swings in the market have presented a difficult picture; nevertheless, experts still have optimism. They see this as a passing phase even with the downward pressures. The altcoin’s technical developments point to an interesting future. At the time of writing, SOL was trading at $150, down 6.2% and 17.1% in the daily and weekly frames, data from Coingecko shows. Even within the turmoil, the recent trading volume of $9.80 billion over the past ...
Read more

BlackRock CEO Larry Fink Says Crypto and Gold Are ‘Assets of Fear’ – Here’s What He Means

Image
The CEO of the biggest asset manager in the world says that gold and cryptocurrencies are “assets of fear.” In a roundtable discussion at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, BlackRock CEO Larry Fink says that crypto assets are a legitimate investment for those who want to hedge against “optimism.” “If you believe that countries are going to continually debase their currency, if you believe that they’re is going to be global rise of insecurity… crypto assets or gold are assets of fear. You own these assets because you’re frightened of the debasement of your assets, you’re worried about your financial security, you’re worried about your fiscal security, and between crypto assets and gold, there’s a strong belief that it’s a good hedge against optimism.” In a separate interview with 60 Minutes, Fink says that after being initially skeptical of Bitcoin (BTC), he ...
Read more