9.1 C
New York

JPMorgan’s Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are ‘Decentralized Ponzi Schemes’ – Featured Bitcoin News

Date:

JPMorgan Chase CEO Jamie Dimon mentioned in a U.S. congressional listening to that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He instructed lawmakers: “I’m a major skeptic on crypto tokens which you call currency.”

JPMorgan CEO Jamie Dimon Calls Crypto Ponzi Schemes

Jamie Dimon, the CEO of JPMorgan Chase & Co., shared his view about cryptocurrencies, naming bitcoin specifically, in a congressional listening to Wednesday.

Responding to a query by Representative Josh Gottheimer (D-NJ) concerning the fast improvement of digital property, Dimon emphasised the significance of separating cryptocurrencies from different improvements that he mentioned are “real,” like blockchain, decentralized finance (defi), and “tokens that do something.”

The government opined:

I’m a serious skeptic on crypto tokens which you name forex, like bitcoin. They are decentralized Ponzi schemes.

“And the notion that it’s good for anybody is unbelievable,” he continued. The JPMorgan boss proceeded to reference that billions of {dollars} are misplaced every year by crypto, linking cryptocurrencies to crimes reminiscent of ransomware funds, cash laundering, sex-trafficking, and theft. He emphasised that crypto is “dangerous.”

The JPMorgan government additionally talked about stablecoins, which he mentioned wouldn’t be problematic with correct regulation. “There’d be nothing wrong with a stablecoin, which is like a money market fund, properly regulated,” Dimon acknowledged. Regarding blockchain, he affirmed that JPMorgan is “a big user of blockchain.”

A longtime bitcoin skeptic, Dimon has warned buyers on a number of events to watch out about investing in cryptocurrencies, cautioning that they’ve no intrinsic value. He beforehand mentioned bitcoin is worthless and questioned BTC’s restricted provide. The JPMorgan chief, nonetheless, has repeatedly mentioned that blockchain and defi are real. In May, the worldwide funding financial institution mentioned it expects increased blockchain use in finance.

Meanwhile, JPMorgan is providing some crypto-related investments, has its personal JPM Coin, and has a lounge within the metaverse. JPMorgan’s analysts are additionally extra bullish about bitcoin and cryptocurrency than the financial institution’s CEO. In May, analyst Nikolaos Panigirtzoglou revealed a report stating that the financial institution has replaced “real estate with digital assets as our preferred alternative asset class along with hedge funds.”

Dimon additionally lately shared his predictions about the place the U.S. financial system is headed. In August, he warned that one thing worse than a recession is coming. In June, he cautioned about an economic hurricane, advising people and companies to brace for impression.

Tags on this story
Jamie Dimon, jamie dimon bitcoin, jamie dimon crypto, Jamie Dimon crypto ponzi scheme, jamie dimon cryptocurrencies, jamie dimon cryptocurrency, jpmorgan, JPMorgan boss, jpmorgan ceo, jpmorgan crypto, JPMorgan crypto ponzi scheme

What do you consider JPMorgan CEO Jamie Dimon’s feedback about cryptocurrencies, together with bitcoin? Let us know within the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational functions solely. It isn’t a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss brought about or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or companies talked about on this article.

  • Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
  • Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
  • Source: https://btcupload.com/latest-cryptocurrency-news/jpmorgans-jamie-dimon-tells-congress-crypto-tokens-like-bitcoin-are-decentralized-ponzi-schemes-featured-bitcoin-news

Related articles

spot_img

Related articles

spot_img

Recent articles

spot_img