During an appearance at J.P. Morgan’s 41st Annual Healthcare Conference, JPMorgan CEO Jamie Dimon said crypto-currencies are “decentralized Ponzi schemes” criticized Bitcoin as a “decentralized Ponzi scheme“.
#JamieDimon calls #cryptocurrency a “Decentralized Ponzi scheme!” ⚠️#JPMHC23 #JPM23 https://t.co/iYvWk7y1a4
Rasu Shrestha MD MBA (@RasuShrestha) January 9, 2023
Jamie Dimon has not been shy about criticizing bitcoin and other virtual currencies. In 2017, he called bitcoin “fraud“and stated that any JPMorgan trader caught trading in it would be fired on the spot.
Since then, Jamie Dimon has softened his stance somewhat and even stated that he thinks blockchain technology has value. JPMorgan itself has dabbled in blockchain on several occasions despite its boss’s negative attitude towards crypto.
However, Jamie Dimon has been adamant in his criticism of bitcoin itself. He considers it a “asset“It is a speculative asset that can never replace real money or become an efficient payment system.
He argues that crypto-currencies are more frequently used for illicit activities than legal ones, and points to the fact that most people own them as investment vehicles – because their prices rise and fall wildly – rather than to buy products and services.
Dimon is no longer directly attacking crypto-assets harshly as he did in 2017, but he still won’t consider them anything more than dangerous speculative tools that hold no real value.
Jamie Dimon has criticized bitcoin. as “dirty” and “dear” in October. In December, he compared cryptocurrencies to “pet rocks“.