During an appearance at JP Morgan’s 41st Annual Healthcare Conference, JPMorgan CEO Jamie Dimon said that cryptocurrencies are “decentralized Ponzi schemes” criticized bitcoin as “decentralized Ponzi scheme“.
— Rasu Shrestha MD MBA (@RasuShrestha) 9 January 2023
Jamie Dimon has been quick to criticize bitcoin and other virtual currencies. In 2017, he called bitcoin “fraudand said any JPMorgan trader caught trading would be fired immediately.
Since then, Jamie Dimon has softened his stance a bit and even stated that he believes blockchain technology has value. JPMorgan itself has repeatedly bet on blockchain despite its boss’s negative stance on crypto.
However, Jamie Dimon was firm in his criticism of bitcoin itself. He considers it oneactive“speculative that can never replace real money or become an effective payment system.
He argues that cryptocurrencies are more often used for illegal than legal activities, pointing to the fact that most people own them as investment vehicles – because their prices go up and down wildly – rather than to buy products and services.
Dimon no longer directly attacks cryptoassets as hard as he did in 2017, but he still does not want to see them as anything more than dangerous speculative tools that have no real value.
Jamie Dimon criticized bitcoin. as “dirty“and”Dear” in October. In December, he compared cryptocurrencies to “companion stone“.