At a time when a strong start to 2023 has upped crypto investors’ hopes for the industry’s bounce back this year, the CEO of the US’ biggest bank, JPMorgan Chase, Jamie Dimon, has bashed cryptocurrencies.
“Bitcoin Is Itself A Hyped-Up Fraud”
unsplash
On being asked about bitcoin at the World Economic Forum in Davos, Switzerland, JP Morgan’s CEO told CNBC at the event “Why they waste any breath discussing the cryptocurrency. Bitcoin itself is a hyped-up fraud, a pet rock.”
A few months ago, the US banking giant’s CEO also warned about a recession hitting the US as well as the global economy in the middle of 2023.
Also Read: Why JPMorgan Was Fined $200mn For Using Whatsapp
“Not Surprised With FTX Failure”
The JPMorgan CEO also weighed in on the ongoing saga with bankrupt crypto exchange FTX.
Reuters
CEO Dimon stated that he was not surprised to see FTX fail and declare bankruptcy, and referred to it as a Ponzi scheme.
When asked if he thought the cryptocurrency sector as a whole was a Ponzi scheme, he said, “You guys have all seen the analysis of Tether and all these things, the lack of disclosures, it’s outrageous. Regulators should have stopped this a long time ago. People have lost billions of dollars if you look at its lower-income people, in some cases retirees.”
This isn’t the first time JPMorgan’s CEO has bashed cryptocurrencies. Jamie Dimon has been a vocal opponent of Bitcoin for a long time….
