After comparing Bitcoin (BTC) to a “Ponzi scheme” earlier this year, Jamie Dimon, the CEO of JP Morgan Chase, has continued to voice his distaste for the flagship cryptocurrency & other digital assets. Jamie, an outspoken opponent of Bitcoin, has labeled the cryptocurrency a variety of derogatory adjectives, including a ponzi, pet rock and, most recently — a “hyped-up fraud”.
JP Morgan CEO Slams Bitcoin (BTC)
On the 19th of January, Dimon appeared on the CNBC show Squawk Box, where he was questioned about his current position on cryptocurrencies. In response, he asked the other members of the panel why they “spend any breath” discussing the topic before taking a shot at the world’s first cryptocurrency by saying, “Bitcoin itself is a hyped-up fake, a pet rock.”
But while he was extolling the virtues of blockchain and ledger technologies that JPMorgan internally uses and believes to be harnessed for future money transfers, he casts doubt on whether Bitcoin is a store of value; or as scarce as it is meant to be. While speaking on Satoshi’s pre-programmed limitation to the supply of Bitcoin, he was quoted as saying:
Well how do u know its gonna stop at 21 million? Maybe it’s going to get to 21 million, and Satoshi’s picture is going to come up and laugh at you all.
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Jamie Dimon Uses FTX Example
While speaking on the broader crypto market, the CEO and chairman of JPMorgan openly confessed that he was not shocked by the downfall and subsequent bankruptcy of FTX, which was previously one of the most prominent cryptocurrency exchanges in the world. He stated that he had referred to FTX as a “decentralized Ponzi scheme” in the past.
Jamie noted, in a jab directed towards Tether’s alleged lack of disclosures and dollar backing, that U.S. regulators should have stopped the shady activity a long time ago. He went on to say that people, particularly those with lesser incomes and in some cases, seniors, have lost billions of dollars as a result of the unregulated behavior.
Despite Dimon’s negative comments about Bitcoin, JP Morgan is making strides toward integrating blockchain technology into its existing operations. For example, the lending institution has a cryptocurrency known as JPM Coin that is used for intraday repurchase agreements. And as things stand, the Bitcoin (BTC) price is currently being traded at $20,765. This represents a decrease of 2.48% on the day, in contrast to a gain of 14.50% during the week as per CoinGape’s crypto market tracker.
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