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JPMorgan's CEO Jamie Dimon Renews Attack on Bitcoin, Calls it "Fraud"
Jamie Dimon recently affirmedhis longstanding stance against Bitcoin. In an interview with BloombergTV, the CEO of JPMorgan labeled the leading digital asset a"fraud" and "Ponzi Scheme." According to Dimon, Bitcoin lacks the fundamentalqualities necessary to function as a currency.
Dimon Labels Bitcoin "Ponzi Scheme"
"Crypto, if you mean crypto like Bitcoin, I\'vealways said it\'s a fraud. If they think there is a currency, there\'s no hope forit. It\'s a Ponzi scheme, it is a public decentralized," Dimon mentioned. He dismissed Bitcoin as merely a speculativeasset, saying those who view it as a legitimate form ofmoney are misguided.
Despite acknowledging Bitcoin\'s role in modernfinancial markets, Dimon does not believe that the token has the potential tofunction as a currency. Throughout the years, he has consistently expressedskepticism about Bitcoin, citing concerns about volatility and the lack of regulation. Despite the growing acceptance of the asset by mainstreaminstitutions, Dimon\'s stance has not changed.
JUST IN: JPMorgan CEO Jamie Dimon says #Bitcoin is a fraud and a ponzi scheme.JPMorgan is an authorized participant for BlackRock\'s Spot Bitcoin ETF. pic.twitter.com/4tpjkaZ0TV
— Watcher.Guru (@WatcherGuru) April 18, 2024
In January, while speaking during the World Economic Forumin Davos, Dimon said that he was officially done discussing Bitcoin. He likened it to a "pet rock", CNBC reported. His comments echoed similar sentiments heexpressed in 2021 and the previous year in Davos, terming Bitcoin as"worthless" and a "hyped-up fraud." However, Dimon\'s remarkshighlighted a distinction between blockchain technology and Bitcoin.
Perspective on Smart Contracts
Dimon acknowledged the practical applications ofblockchain technology in facilitating efficient transactions and data transfer. He is optimistic about smartcontract-enabled blockchains, such as Ethereum, which facilitate the execution of financial transactions without the need for intermediaries.
Jamie Dimon on the cryptocurrency industry: "I\'d close it down" https://t.co/vimnFywEjk
— CBS Mornings (@CBSMornings) December 10, 2023
In his latest remarks with Bloomberg TV, Dimon said:"If it\'s a crypto coin that can do something like, you know, a smartcontract that has value, there will be smart contracts and blockchainworks."
Dimon\'s latest comments arrive a day before the most important event in the Bitcoin blockchain: Bitcoin halving. This event occurs approximately every four years and cuts the rewards for Bitcoin miners by half. Currently, the cryptocurrency world is excited about the upcoming halving, especially with recent developments like the approval of spot Bitcoin ETFs.
This article was written by Jared Kirui at www.financemagnates.com.منبع: https://www.financemagnates.com//cryptocurrency/jpmorgans-ceo-jamie-dimon-renews-attack-on-bitcoin-calls-it-fraud/