- JPMorgan CEO Jamie Dimon beforehand slammed Bitcoin as a “Ponzi scheme”.
- On Thursday, he informed CNBC’s Squawk Box that crypto is a decentralised Ponzi scheme and that Bitcoin is simply “hyped-up fraud.”
- Dimon says folks have misplaced billions of {dollars} and believes regulators ought to have put a cease to crypto “a long time ago.”
Not for the primary time, JPMorgan CEO Jamie Dimon has labelled cryptocurrencies nugatory.
On Thursday, throughout an interview with CNBC’s ‘Squawk Box,’ the famous crypto sceptic once more referred to Bitcoin as nothing however a “hyped-up fraud.” He condemned the benchmark crypto asset as a “pet rock”, expressing his disapproval by dismissing discussions over BTC and different cryptocurrencies as waste of time.
Dimon says crypto ‘doesn’t do something’
According to the JPMorgan CEO Bitcoin is not a retailer of worth, and he confirmed his scepticism additional by suggesting that there may very well be greater than 21 million bitcoins sooner or later.
“How do you know it is going to stop at 21 million? Maybe it’s going to get to 21 million, and Satoshi’s picture is going to come up and laugh at you all. And say ta-da!”
Dimon additionally went forward to consult with crypto as a decentralised Ponzi scheme. According to him the hype round digital belongings has been extraordinary, stating on the CNBC present:
“You guys, you’ve all seen the analysis on Tether, the analysis on all these things – the lack of disclosures and it’s outrageous. Regulators should have stopped all these a long time ago. People have lost billions of dollars. If you look at its low-income people, in some cases retirees.”
On what he needed to say in regards to the crypto trade following the collapse of FTX, the JPMorgan exec summed up his outlook by noting that crypto “doesn’t do anything.”
“It’s a pet rock,” he informed the Squawk Box hosts, including that he doesn’t care about Bitcoin.
