Home » JPMorgan’s Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are ‘Decentralized Ponzi Schemes’ – Featured Bitcoin Information

JPMorgan’s Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are ‘Decentralized Ponzi Schemes’ – Featured Bitcoin Information

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JPMorgan Chase CEO Jamie Dimon stated in a U.S. congressional listening to that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He advised 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 particularly, in a congressional listening to Wednesday.

Responding to a query by Consultant Josh Gottheimer (D-NJ) in regards to the speedy improvement of digital property, Dimon emphasised the significance of separating cryptocurrencies from different improvements that he stated are “actual,” like blockchain, decentralized finance (defi), and “tokens that do one thing.”

The chief 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 corresponding to ransomware funds, cash laundering, sex-trafficking, and theft. He emphasised that crypto is “harmful.”

The JPMorgan govt additionally talked about stablecoins, which he stated wouldn’t be problematic with correct regulation. “There’d be nothing fallacious with a stablecoin, which is sort of a cash market fund, correctly regulated,” Dimon acknowledged. Concerning blockchain, he affirmed that JPMorgan is “an enormous 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’ve no intrinsic value. He beforehand stated bitcoin is worthless and questioned BTC’s restricted provide. The JPMorgan chief, nevertheless, has repeatedly stated that blockchain and defi are real. In Might, the worldwide funding financial institution stated it expects increased blockchain use in finance.

In the meantime, JPMorgan is providing some crypto-related investments, has its personal JPM Coin, and has a lounge within the metaverse. JPMorgan’s analysts are additionally extra bullish about bitcoin and cryptocurrency than the financial institution’s CEO. In Might, analyst Nikolaos Panigirtzoglou revealed a report stating that the financial institution has replaced “actual property with digital property as our most popular different asset class together with hedge funds.”

Dimon additionally not too long ago 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 economic hurricane, advising people and companies to brace for influence.

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What do you consider JPMorgan CEO Jamie Dimon’s feedback about cryptocurrencies, together with bitcoin? Tell us within the feedback part beneath.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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