Crypto:
30188
Bitcoin:
$69.856
% 4.48
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.856
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

JP Morgan CEO Jamie Dimon Doubles Down on Criticism of Bitcoin

Jamie Dimon Bitcoin

In a recent interview with Bloomberg, the long-standing JP Morgan CEO, Jamie Dimon, reaffirmed his stance on Bitcoin being a “public decentralized Ponzi scheme.” In an interview, Dimon questioned the future of Bitcoin as a currency, as he had always thought that it was doomed in that regard.

“If you mean crypto like Bitcoin, I’ve always said it’s a fraud.” Dimon added that Bitcoin was a fraud. Even though he did not fully comprehend it, he did admit that blockchain and smart contracts were something worthwhile. Dimon pointed out that the value of cryptocurrencies, including smart contracts, allows for effective utilization of blockchain technology. “That could have some relevance,” he cautioned, “as regards crypto accessing certain blockchain things.”

Dimon, the Bitcoin critic, has been associating the cryptocurrency with illegal practices, including anti-money laundering and terrorism funding. Nevertheless, he still has faith in blockchain and smart contracts. He has already expressed his view that the authorities should intervene and ban Bitcoin if these problematic use cases can’t be settled. Given the vast network of over 20,000 live Bitcoin nodes, it will surely not be easy.

Even though Dimon is still skeptical about BTC, JP Morgan is registered as an “authorized participant” in several spot BTC ETFs from Fidelity, BlackRock, and Invesco/Galaxy Digital. A JP Morgan analyst’s December research predicts Ethereum to overtake BTC in 2024 and questions the market impact of BTC ETFs in the long run.

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