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JPMorgan CEO breaks his vow on Bitcoin, labels BTC ‘decentralized Ponzi Scheme’

JPMorgan CEO breaks his vow on Bitcoin, labels BTC ‘decentralized Ponzi Scheme’

It’s no secret that JPMorgan (NYSE: JPM) CEO Jamie Dimon is not a fan of cryptocurrencies, specifically Bitcoin (BTC), having repeatedly questioned the asset’s true value in the financial landscape.

In line with his longstanding criticisms of Bitcoin, during an interview on January 17, Dimon remarked that it would be the last time he spoke about the digital currency. The executive stated that Bitcoin has no value, likening it to a “pet rock.”

However, Dimon has seemingly broken his vow of silence regarding his stance on Bitcoin. Notably, in an interview with Bloomberg published on April 18, he reiterated his position on Bitcoin, terming it a “decentralized Ponzi scheme.”

Dimon’s skepticism about Bitcoin’s legitimacy noted that the crypto has no value and should be ruled out as a currency. 

“If you mean crypto like Bitcoin, I’ve always said it’s a fraud. If they think there a currency, there’s no hope for it. It’s a Ponzi scheme, it’s a public decentralized Ponzi scheme. .”

Dimon on blockchain’s value 

Despite his pessimistic outlook on Bitcoin, Dimon did acknowledge the potential value of certain aspects of cryptocurrency technology, especially the blockchain. 

“If it’s a crypto coin that can do something like a smart contract that has value. There will be smart contracts and blockchain works. So the extent crypto is accessing certain blockchain things, that might have some value,” he added. 

It’s worth noting that despite Dimon’s longstanding resistance against Bitcoin, JPMorgan has been an active player in the cryptocurrency space. For instance, the banking giant has served as an authorized participant for Bitcoin exchange-traded funds (ETFs) and has participated in several blockchain projects.

Interestingly, when asked about the rollout of Bitcoin ETFs, the executive remarked, “I don’t care.”

In the meantime, Bitcoin continues to face volatility ahead of the halving event. At press time, Bitcoin had registered gains, trading at $64,955, an increase of over 5% in the last 24 hours.

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