- Jamie Dimon believes that Bitcoin and other public schemes are Ponzi schemes with links to illicit activities.
- However, Dimon believes that with proper regulation, stablecoins wouldn’t be problematic.
JPMorgan chief Jamie Dimon is once again back lashing out at Bitcoin and other cryptocurrencies in the market. During congressional testimony on Wednesday, September 21, Jamie Dimon was blunt to the point without mincing his words when a U.S. lawmaker asked him about his history of criticizing digital assets. Responding to this, Dimon said:
I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes… and the notion that it’s good for anybody is unbelievable. So we sit here in this room and talk about a lot of things, but $2 billion have been lost. Every year $30 billion in ransomware, AML, sex trafficking, stealing… it’s dangerous.
This is the latest criticism coming for cryptocurrencies from Dimon but certainly not the first. Back in 2017, the JPMorgan CEO called Bitcoin a “fraud.” Although Dimon is a major critic of Bitcoin, his bank JPMorgan is one of the largest banking institutions in the U.S. offering its clients access to Bitcoin and other cryptocurrency funds.
Calling out this dual play, one of the Twitter respondents wrote: “Jamie Dimon should really specify his opinions/beliefs. He sounds like a…
