- JPMorgan CEO Jamie Dimon called Bitcoin a “Ponzi scheme.”
- Dimon’s criticism comes despite JPMorgan’s participation in the Bitcoin ETF.
- Bitcoin’s recent price volatility highlights the ongoing debate in the cryptocurrency market.
JPMorgan Chase CEO Jamie Dimon once again expressed skepticism about Bitcoin (BTC), calling it a ‘Ponzi scheme’ in an interview with Bloomberg TV.
In the interview, Dimon reiterated his long-standing criticism of Bitcoin, saying it lacks usefulness and legitimacy as a currency. He explained that Bitcoin and similar cryptocurrencies “do not simply function as currencies,” highlighting his belief that they are essentially Ponzi schemes disguised as technological innovations.
However, this is not the first time the CEO has criticized Vitosin. His skepticism about Bitcoin is well-documented. He has previously called Bitcoin a “scam” and expressed concerns about its potential to encourage illicit activities such as money laundering, fraud and tax evasion due to its anonymity and lack of regulation.
JPMorgan’s participation in Bitcoin ETF
Despite Dimon’s vocal criticism of Bitcoin, it is worth noting that JPMorgan has been active in the cryptocurrency space.
The banking giant has served as an authorized participant in the BlackRock spot Bitcoin exchange-traded fund (ETF) and has been involved in several blockchain-based projects over the years.
Moreover, despite Dimon’s skepticism about Bitcoin, the CEO maintains his stance that cryptocurrencies such as Bitcoin lack intrinsic value as currencies, while also acknowledging the potential value of certain aspects of blockchain technology, particularly those that facilitate smart contracts. , which reflects his previous feelings on the matter.
This juxtaposition highlights the nuanced approach within big banks to cryptocurrency investments, despite their CEOs expressing skepticism.
Bitcoin (BTC) price market reaction
Bitcoin’s market performance has become more volatile recently. As of this writing, the Bitcoin price is at $64,741.28 after rising 4.92% over the past day, but is still down 8.41% over the past seven days.
Despite these fluctuations, Bitcoin’s market capitalization recently surpassed $1.2 trillion, reflecting Bitcoin’s continued growth and acceptance as an asset class.