In a recent interview with CNBC’s “Squawk Box,” JPMorgan Chief Executive Officer (CEO), Jamie Dimon, talked about Bitcoin (BTC), crypto scheme and blockchain. On January 19th, 2023, Dimon said “Bitcoin itself is a hyped-up fraud, while crypto is a decentralized ponzi scheme… It’s a pet rock.” He finds cryptocurrencies as a distraction.
Dimon said he is not worried about recession at all but concerned about the poor public policy. He expects interest rates to go beyond 5% as inflation remains high.
JPMorgan CEO says that Blockchain is a technology ledger system that is used to transfer information, he added. While he was asked about the collapse of FTX, he said “that’s surprised us all, and called it a decentralized ponzi scheme.”
Dimon reiterated his doubt about BTC’s 21 million supply cap, suggesting that Bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit.
JPMorgan Chase & Co. is a New York-based global banking and financial service firm. Last week, the firm released its fourth-quarter 2022 results. In which it reported net income of $11 Billion and EPS of $3.57 with a return on tangible common equity (ROTCE) of 20%.
The JPMorgan CEO commented on the financial results that his firm “reported strong results in the fourth quarter.” It earned $11.0 Billion in net income and $34.5 Billion in revenue, while maintaining a fortress balance sheet and making all necessary investments.
Dimon…
