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

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 main skeptic on crypto tokens which you name forex.”

JPMorgan CEO Jamie Dimon Calls Crypto Ponzi Schemes

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

Responding to a query by Consultant Josh Gottheimer (D-NJ) concerning the speedy improvement of digital belongings, Dimon emphasised the significance of separating cryptocurrencies from different improvements that he mentioned are “actual,” like blockchain, decentralized finance (defi), and “tokens that do one thing.”

The manager opined:

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

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

The JPMorgan government additionally talked about stablecoins, which he mentioned wouldn’t be problematic with correct regulation. “There’d be nothing flawed with a stablecoin, which is sort of a cash market fund, correctly regulated,” Dimon said. Concerning blockchain, he affirmed that JPMorgan is “an enormous consumer 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 haven’t any intrinsic worth. He beforehand mentioned bitcoin is nugatory and questioned BTC’s restricted provide. The JPMorgan chief, nonetheless, has repeatedly mentioned that blockchain and defi are actual. In Might, the worldwide funding financial institution mentioned it expects elevated blockchain use in finance.

In the meantime, 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 Might, analyst Nikolaos Panigirtzoglou revealed a report stating that the financial institution has changed “actual property with digital belongings as our most well-liked various asset class together 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 financial hurricane, advising people and companies to brace for influence.

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What do you concentrate on JPMorgan CEO Jamie Dimon’s feedback about cryptocurrencies, together with bitcoin? Tell us within the feedback part under.

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.

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