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JPMorgan CEO Calls Bitcoin (BTC) 'Hyped-up Fraud'


u.today 19 January 2023 12:50, UTC
Reading time: ~2 m

In an interview on Thursday morning with CNBC that took place during the World Economic Forum (WEF) in Davos, Switzerland, billionaire Jamie Dimon, chairman and chief executive of banking giant JPMorgan, declared that Bitcoin is "a hyped-up fraud" and not much more than a "pet rock."

Dimon went on to clarify that this was different from blockchain technology, which according to him could have certain "real" uses.

Dimon has been an outspoken critic of Bitcoin, having once famously referred to the cryptocurrency as a "fraud." Despite acknowledging the benefits of blockchain technology, he has dismissed the largest cryptocurrency in harsh tones, claiming that it is a tool for crimes such as money laundering.

While recently softening his stance and allowing JPMorgan customers to access cryptocurrencies through its banking service, Dimon still is not convinced about the future of Bitcoin.

In numerous interviews, he downplayed its potential for adoption by saying that it was more likely to remain speculative than achieve any kind of widespread usage. In 2021, he said that the largest cryptocurrency was "worthless."

In October, Dimon described cryptos as "decentralized Ponzis" despite praising its underlying technology. The JPMorgan boss complained about illicit activities in crypto.

With Dimon's influence firmly established within finance circles, it is likely that skepticism surrounding cryptocurrency will persist for some time.

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