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JP Morgan’s CEO Jamie Dimon calls Bitcoin a modern day fraud

jamie dimon on cryptocurrency

Jamie Dimon, the CEO of JP Morgan has earlier called Bitcoin a Ponzi Scheme

The CEO of JP Morgan Chase continues to express his disinterest towards digital currency and other digital assets. He has called Bitcoin a Ponzi scheme, pet rock and most recently named it a hyped-up modern fraud.

In a recent interview with CNBC, he was asked to explain his current stand on cryptocurrencies. He then questioned the panel by asking them why they “spend any breath” discussing cryptocurrencies.

He further stated that “Bitcoin itself is a hyped-up fake, a pet rock.” On the contrary, he embraced blockchain and ledger technologies that are being used internally by JP Morgan and hold a strong belief to become the medium for future money transfers.

Speaking about FTX, he openly confessed to not being surprised by its collapse. FTX was once one of the leading crypto exchanges in the world that was charged with financial misconduct last year. He referred to it by calling it a “decentralized Ponzi scheme” several times in the past.

He also took a shot on Tether by pointing at its lack of transparency in disclosing the dollar reserve. Despite his comments, JP Morgan is using blockchain technology in its existing operations. The company has launched JPM coin for intraday repurchase agreements.

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