- Jamie Dimon, JPMorgan CEO, referred to as Bitcoin a “Ponzi scheme.”
- Dimon’s criticism comes despite JPMorgan’s involvement in Bitcoin ETFs.
- Bitcoin’s current worth volatility highlights ongoing debates in the cryptocurrency market.
JPMorgan Chase CEO Jamie Dimon has as soon as once more voiced his scepticism in the direction of Bitcoin (BTC), dubbing it a ‘Ponzi scheme’ throughout an interview on Bloomberg TV.
During his interview, Dimon reiterated his long-standing criticism of Bitcoin, stating that it lacks utility and legitimacy as a type of cash. He described Bitcoin and related cryptocurrencies as “simply not functional as currencies,” emphasising his perception that they’re primarily Ponzi schemes disguised as technological innovation.
However, this isn’t the primary time that the CEO is criticizing Bitocin. His scepticism in the direction of Bitcoin is well-documented. He beforehand referred to as Bitcoin a “fraud” and expressed issues about its potential to facilitate unlawful actions comparable to cash laundering, fraud, and tax evasion as a result of its anonymity and lack of regulation.
JPMorgan’s involvement in Bitcoin ETFs
It’s notable that despite Dimon’s vocal criticism of Bitcoin, JPMorgan has been actively concerned in the cryptocurrency area.
The banking large has served as an Authorized Participant for BlackRock’s spot Bitcoin exchange-traded fund (ETF) and has participated in a number of blockchain-based tasks over time.
Furthermore, despite Dimon’s scepticism in the direction of Bitcoin, the CEO acknowledged the potential worth of sure points of blockchain know-how, significantly these facilitating sensible contracts though he maintained his stance that cryptocurrencies like Bitcoin lack inherent worth as currencies, echoing his earlier sentiments on the matter.
This juxtaposition highlights the nuanced method throughout the banking large in the direction of cryptocurrency investments, whilst its CEO expresses scepticism.
Bitcoin (BTC) worth market response
Bitcoin’s market efficiency has been topic to fluctuations in current instances. At the time of writing, Bitcoin price was $64,741.28, after experiencing a 4.92% enhance in the final day, but it surely was nonetheless down 8.41% over the previous seven days.
Despite these fluctuations, Bitcoin’s market capitalization has not too long ago surpassed $1.2 trillion, reflecting its continued progress and acceptance as an asset class.
