JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ despite JPMorgan’s involvement in Bitcoin ETFs

  • Jamie Dimon, JPMorgan CEO, referred to as Bitcoin a “Ponzi scheme.”
  • Dimon’s criticism comes despite JPMorgan’s involvement in Bitcoin ETFs.
  • Bitcoin’s latest worth volatility highlights ongoing debates in the cryptocurrency market.

JPMorgan Chase CEO Jamie Dimon has as soon as once more voiced his scepticism in the direction of Bitcoin (BTC), dubbing it a ‘Ponzi scheme’ throughout an interview on Bloomberg TV.

Throughout his interview, Dimon reiterated his long-standing criticism of Bitcoin, stating that it lacks utility and legitimacy as a type of cash. He described Bitcoin and related cryptocurrencies as “simply not functional as currencies,” emphasising his perception that they’re basically Ponzi schemes disguised as technological innovation.

Nevertheless, this isn’t the primary time that the CEO is criticizing Bitocin. His scepticism in the direction of Bitcoin is well-documented. He beforehand referred to as Bitcoin a “fraud” and expressed considerations about its potential to facilitate unlawful actions resembling cash laundering, fraud, and tax evasion because of its anonymity and lack of regulation.

JPMorgan’s involvement in Bitcoin ETFs

It’s notable that despite Dimon’s vocal criticism of Bitcoin, JPMorgan has been actively concerned in the cryptocurrency house.

The banking large has served as an Approved Participant for BlackRock’s spot Bitcoin exchange-traded fund (ETF) and has participated in a number of blockchain-based initiatives over time.

Moreover, despite Dimon’s scepticism in the direction of Bitcoin, the CEO acknowledged the potential worth of sure features of blockchain expertise, significantly these facilitating good contracts though  he maintained his stance that cryptocurrencies like Bitcoin lack inherent worth as currencies, echoing his earlier sentiments on the matter.

This juxtaposition highlights the nuanced strategy inside the banking large in the direction of cryptocurrency investments, whilst its CEO expresses scepticism.

Bitcoin (BTC) worth market response

Bitcoin’s market efficiency has been topic to fluctuations in latest occasions. On the time of writing, Bitcoin worth was $64,741.28, after experiencing a 4.92% enhance in the final day, however it was nonetheless down 8.41% over the previous seven days.

Despite these fluctuations, Bitcoin’s market capitalization has not too long ago surpassed $1.2 trillion, reflecting its continued development and acceptance as an asset class.

DailyBlockchain.News Admin

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