JPMorgan Chase CEO Jamie Dimon mentioned in a U.S. congressional listening to that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He informed lawmakers: “I’m a main skeptic on crypto tokens which you name forex.”
JPMorgan CEO Jamie Dimon Calls Crypto Ponzi Schemes
Jamie Dimon, the CEO of JPMorgan Chase & Co., shared his view about cryptocurrencies, naming bitcoin in specific, in a congressional listening to Wednesday.
Responding to a query by Consultant Josh Gottheimer (D-NJ) concerning the fast improvement of digital property, Dimon emphasised the significance of separating cryptocurrencies from different improvements that he mentioned are “actual,” like blockchain, decentralized finance (defi), and “tokens that do one thing.”
The manager opined:
I’m a serious skeptic on crypto tokens which you name forex, like bitcoin. They’re decentralized Ponzi schemes.
“And the notion that it’s good for anyone is unbelievable,” he continued. The JPMorgan boss proceeded to reference that billions of {dollars} are misplaced every year by crypto, linking cryptocurrencies to crimes reminiscent of ransomware funds, cash laundering, sex-trafficking, and theft. He emphasised that crypto is “harmful.”
The JPMorgan govt additionally talked about stablecoins, which he mentioned wouldn’t be problematic with correct regulation. “There’d be nothing mistaken with a stablecoin, which is sort of a cash market fund, correctly regulated,” Dimon acknowledged. Relating to blockchain, he affirmed that JPMorgan is “a giant consumer of blockchain.”
A longtime bitcoin skeptic, Dimon has warned buyers on a number of events to watch out about investing in cryptocurrencies, cautioning that they don’t have any intrinsic worth. He beforehand mentioned bitcoin is nugatory and questioned BTC’s restricted provide. The JPMorgan chief, nonetheless, has repeatedly mentioned that blockchain and defi are actual. In Could, the worldwide funding financial institution mentioned it expects elevated blockchain use in finance.
In the meantime, JPMorgan is providing some crypto-related investments, has its personal JPM Coin, and has a lounge in the metaverse. JPMorgan’s analysts are additionally extra bullish about bitcoin and cryptocurrency than the financial institution’s CEO. In Could, analyst Nikolaos Panigirtzoglou printed a report stating that the financial institution has changed “actual property with digital property as our most popular different asset class together with hedge funds.”
Dimon additionally just lately shared his predictions about the place the U.S. financial system is headed. In August, he warned that one thing worse than a recession is coming. In June, he cautioned about an financial hurricane, advising people and companies to brace for impression.
What do you concentrate on JPMorgan CEO Jamie Dimon’s feedback about cryptocurrencies, together with bitcoin? Tell us in the feedback part beneath.
Earlier article
Uniswap Basis to Distribute $1.eight Million in Grants to 14 Recipients
Extra Widespread Information
In Case You Missed It
Oman to Incorporate Actual Property Tokenization in Digital Belongings Regulatory Framework
Actual property tokenization is about to be included into Oman Capital Markets Authority (OCMA)’s digital asset regulatory framework. In accordance with an advisor with the authority, the tokenizing of actual property will open funding alternatives for native and international buyers. Actual … learn extra.
Draft Legislation Regulating Elements of Crypto Taxation Submitted to Russian Parliament
Constancy Investments Launches Crypto, Metaverse ETFs — Says ‘We Proceed to See Demand’
SEC Dangers Violating Admin Process Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Digital Ruble ‘A lot Wanted,’ Russia’s Central Financial institution Says, Gained’t Delay Testing
