Cryptoknowmics 2022-09-22 15:55:52

JPMorgan CEO Says Bitcoin Is A “Decentralized Ponzi Scheme”

Jamie Dimon, the CEO of JPMorgan Chase, has long been skeptical of cryptocurrencies. He has repeatedly stated that he is not a huge supporter of Bitcoin. “I’m a significant skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes.” the JPMorgan Chase & Co. chief executive officer said in congressional testimony Wednesday. Decentralized Ponzi Scheme Dimon recently referred to Bitcoin (BTC) and other cryptocurrencies as a Ponzi scheme during testimony before the House Financial Services Committee. When asked about his opinions on the proposed stablecoin legislation in the United States, Dimon responded that he thought stablecoins were fine as long as they were properly regulated and that this regulation should be similar to that which applies to money market funds. Dimon has previously stated that he has no interest in personally supporting the sector and has called BTC a “fraud.” Occasionally, he has changed his mind about cryptocurrencies, pointing out that they potentially have significant applications, such as cross-border payments. JPMorgan Actively Pursuing Blockchain Technology Despite Dimon’s opinions on cryptocurrencies, JPMorgan has been actively pursuing blockchain technology. For improved settlement efficiency, the financial behemoth introduced its internal stablecoin, JPM Coin, in October 2020. JPM Coin was the first cryptocurrency backed by a U.S. bank. The bank introduc...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.
Helpful Resources: | | |