In a sworn statement to Congress earlier this week, JP Morgan CEO Jamie Dimon in contrast cryptocurrencies resembling Bitcoin to Ponzi schemes.
Chatting with Congress, Dimon referred to as himself a “main skeptic on crypto tokens” and elaborated that cryptocurrency, resembling Bitcoin, are “decentralised Ponzi schemes, and the notion that it’s good for anyone is unbelievable.”
This isn’t the primary occasion wherein the JPMorgan govt has criticised cryptocurrency, as he beforehand expressed his mistrust in cryptocurrencies in an interview with CNBC, calling Bitcoin a “horrible retailer of worth.” He continued that the cryptocurrency had been used continuously for “illicit functions.”
In 2017, Dimon said that cryptocurrency was a “fraud” that’s “not an actual factor, ultimately it will likely be closed.”
Whereas Dimon’s views on crypto aren’t new, it’s controversial contemplating that JP Morgan launched their very own digital forex JPM Coin in 2019, which was trialed in Bahrain earlier this 12 months and are energetic in pursuing Blockchain expertise.
In January 2021, Dimon commented that incumbent banks must be “scared shitless” by rising fintechs, including that rivals resembling Plaid have been competing unfairly.