JPMorgan CEO Jamie Dimon Calls Cryptocurrencies ‘Decentralized Ponzi Schemes’

The CEO of JPMorgan, Jamie Dimon has described ‘crypto tokens and Bitcoin’ as ‘decentralised Ponzi schemes.’

Dimon said this while speaking in congressional testimony on Wednesday.

Dimon pointing to the use of cryptocurrencies in ransomware attacks, sex trafficking and money laundering.

Yet, Dimon sees potential in decentralized finance (DeFi) and stablecoins, arguing that a “properly regulated” stablecoin would not be a problem. He added that JPMorgan is “a big user of blockchain.”

In 2014, Dimon told CNBC that Bitcoin was “a terrible store of value” and that the cryptocurrency “can be replicated over and over.”

Over the years, Dimon has called the leading cryptocurrency a “fraud” and “fool’s gold.”

However, in 2019, JPMorgan launched its own U.S.-dollar pegged stablecoin, JPM Coin.

The bank also allows its wealth management clients to buy into Bitcoin, Ethereum, Bitcoin Cash and Ethereum Classic or certain related products from Grayscale and Osprey.

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