JPMorgan CEO calls bitcoin an “exaggerated fraud.”

In a interview Thursday morning with CNBC that took place during the World Economic Forum (WEF) in Davos, Switzerland, billionaire Jamie Dimon, chairman and CEO of banking giant JPMorgan, said that bitcoin is “an exaggerated fraud” and not much more than a “company stone“.

“Bitcoin itself is a hyped-up fraud,” says @jpmorgan CEO Jamie Dimon. “Crypto is a decentralized Ponzi scheme…It’s a pet rock.” pic.twitter.com/9KQfckty8f

– Squawk Box (@SquawkCNBC) January 19, 2023

Jamie Dimon went on to say that this was different from blockchain technology, which he said could have some uses “real“.

Jamie Dimon has been an outspoken critic of bitcoin and has called the crypto-currency “fraud“. While he acknowledges the benefits of blockchain technology, he dismissed the largest crypto-currency with harsh words, saying it is a tool for crimes such as money laundering.

Although he recently softened his stance and allowed JPMorgan clients to access crypto-currencies through its banking service, Dimon is still unconvinced of bitcoin’s future.

In numerous interviews, he has downplayed its potential for adoption, saying it is more likely to remain speculative than to reach any kind of widespread use. In 2021, he stated that the largest crypto-currency was “worthless“.

In October, Dimon described cryptos as “Decentralized Ponzis“, although he praised its underlying technology. The JPMorgan boss complained about illicit activity in crypto-currencies.

With Dimon’s influence firmly established in financial circles, it is likely that skepticism surrounding crypto-currencies will persist for some time.