Skip to content

Top Boss at JPMorgan Calls Crypto a 'Decentralized Ponzi scheme'

Jamie Dimon, CEO of JPMorgan, is one of the most outspoken critics of Bitcoin, has issued many negative statements regarding cryptocurrencies, and maintains an outspoken opposition to all forms of virtual currency.

Image Source: NYpost (1.1)

The CEO of JPMorgan, Jamie Dimon, restates his pessimistic outlook regarding Bitcoin and other virtual assets.

During his talk at the 41st J.P. Morgan Healthcare Conference hosted by the firm, he gave attendees an update on his position regarding Bitcoin and other crypto currencies.

Jamie Dimon is one of the most outspoken critics of Bitcoin, even though a large number of people are positive about the presence of the crypto currency Bitcoin. The chief executive officer has issued many negative statements regarding cryptoc urrencies and maintains an outspoken opposition to all forms of virtual currency.

One of his most well-known criticisms of Bitcoin was made in 2017 when he referred to the most valuable crypto currency as a "fraud." To further demonstrate his disapproval of the digital asset, he said that any JPMorgan trader caught engaging in Bitcoin trading would be terminated on the spot.

Jamie Dimon has softened his stance on crypto currency assets over time, although he continues to oppose Bitcoin. Previously, he admitted that he has faith in blockchain technology, stating that he believes that newly developed technology has worth.

Despite the position taken by the CEO on crypto currencies, JPMorgan has also been investigating blockchain technology.

In particular, Jamie Dimon is opposed to Bitcoin and everything it stands for. He referred to virtual currencies as speculative "assets," arguing that they will never be able to compete with traditional currencies or develop into an effective payment system.

On Crypto Being Used by Criminals

The head of JPMorgan noted that crypto had developed into a common instrument used by criminals for illegal activities. Dimon stated that virtual assets are used more frequently for unlawful activities than legitimate ones.

The successful entrepreneur continued by explaining that the volatility of crypto currencies is why some individuals choose to invest in them rather than purchasing actual items or investing in services.

Rasu Shreshtha, the Chief Innovation and Commercialization Officer for Atrium Health, wrote in a tweet (1) that Dimon referred to crypto currency as a "Decentralized Ponzi scheme."

Jamie Dimon will launch an attack on Bitcoin and other crypto currencies for the umpteenth time today. The CEO used the phrases "dirty" and "expensive" to describe Bitcoin one year ago. During the meeting of the Institute of International Finance that took place in Washington in October 2021, he criticized cryptocurrencies.

The billionaire has been quoted as saying that he will "never" purchase any crypto currency.

JPMorgan's Strides in the Blockchain Space

JPMorgan continued to create waves in the blockchain market despite Jamie Dimon not changing his position on Bitcoin. The company already supports the ability to make tokenized deposits of US dollars using JPM Coin. The financial services firm is developing a payment option for non-fungible tokens. This news was published in October.

The company unveiled a combined blockchain payment gateway with Visa through a partnership with the company. According to the reports, the two individuals intended to launch the payment gateway in several other nations.