JP Morgan CEO Jamie Dimon continues to criticize cryptocurrencies, describing them as “decentralized Ponzi schemes.”
Speaking at JP Morgan’s 41st Annual Healthcare Conference, JP Morgan CEO Jamie Dimon said: condemned Bitcoin as a “decentralized Ponzi scheme”.
Dimon has been a vocal critic of Bitcoin and other cryptocurrencies. In 2017, he famously called Bitcoin a “fraud” and said that if JP Morgan traders were caught trading it, he would fire them on the spot.
Dimon has since softened his stance somewhat, even saying he believes blockchain technology has value. JP Morgan itself has repeatedly dabbled in blockchain despite his boss’s negative attitude towards cryptocurrencies.
Dimon, however, sticks to his criticism of Bitcoin itself. Dimon believes it is a speculative “asset” that will never replace real money or become an effective payment system.
He argued that cryptocurrencies are more often used for illegal activities than legal ones, and that most people use cryptocurrencies as an investment vehicle, not for buying products and services, but because prices fluctuate wildly. It points to the fact that it owns the currency.
Dimon no longer attacks crypto directly as hard as he did in 2017, but he doesn’t want to see crypto as anything more than a dangerous speculation tool with no real value.
Dimon slammed Bitcoin, as reported by U.Today “Dirty”, “Expensive”, etc. in October. In December he compared cryptocurrencies stroking the rock.
