JPMorgan Chase CEO Jamie Dimon dissed Bitcoin (but once more) on the sidelines of the World Economic Forum’s annual summit in Davos, Switzerland.
In an interview with CNBC, Dimon stated, “Bitcoin itself is a hyped-up fraud, it’s a pet rock,” Making it clear as soon as once more that the highest govt doesn’t care about Bitcoin; Dimon additionally questioned its 21 million coin cap.
Satoshi Will Laugh at Bitcoiners
The banker stated, “How do you know it’s gonna stop at 21 million? Everyone says that well, maybe it’s gonna get to 21 million and Satoshi’s picture is going to come up and laugh at you all.”
This just isn’t the primary time Dimon has criticized Bitcoin. The CEO declared in 2021, “I personally think that Bitcoin is worthless.” In 2018, Dimon argued, “I didn’t want to be the spokesman against bitcoin. I don’t really give a shit — that’s the point, OK?” In September 2017, he referred to bitcoin as a hoax.
In a latest interview with Fox Business Network, the Wall Street boss referred to as crypto a “decentralized Ponzi scheme” that has harm many individuals. He stated, “I called it a decentralized Ponzi scheme because people were just hyping it – hyping it, and hyping it – and they’ll write tons of books on this, the money that was stolen out of it, what people knew and didn’t know,”
The govt additionally reasoned that he was not shocked by the FTX failure.
History of Bitcoin Criticism
He referred to bitcoin as a “terrible store of value” in 2014. He predicted its demise a yr later. But, the banker is conscious of the worth of the know-how.
He informed CNBC, “Blockchain is a technology ledger system that we use to move information. We’ve used it to do overnight repo, intraday repo… That’s a technology ledger, everything that we think will be deployable.”
Notably, the funding financial institution has actively chased investments in Blockchain and cryptocurrencies whereas disparaging the sector for years. Daniel Pinto, president of JPMorgan, has additionally downplayed the importance of cryptocurrencies as a area of interest asset class whereas doing enterprise as traditional.
JP Morgan additionally launched a report earlier this month that examined the U.S. crypto market. It is a vital transfer contemplating JPM is among the prime U.S. banks.
Disclaimer
BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion concerning the latest developments, however it has but to listen to again.
