after comparing Bitcoin (BTC) to a "Ponzi scheme" earlier this year, Jamie Dimon, CEO of JPMorgan Chase, has continued to express his distaste for the flagship cryptocurrency and other digital assets. Jamie, an outspoken opponent of Bitcoin, has labeled the cryptocurrency with a variety of derogatory adjectives, including a ponzi, pet rock and, most recently, an "exaggerated fraud."
JP Morgan CEO Criticizes Bitcoin (BTC)
On January 19, Dimon appeared on CNBC's Squawk Box, where he was asked about his current position on cryptocurrency. In response, he asked the other panel members why they "lose their breath" discussing the subject before taking a world's first photo. cryptocurrency saying: "Bitcoin itself is a hype counterfeit, a favorite rock."
But while extolling the virtues of block chain and ledger technologies that JPMorgan uses internally and believes will be leveraged for future money transfers, cast doubt on whether Bitcoin is a store of value; or as scarce as it is meant to be. While speaking about Satoshi's pre-programmed limiting of Bitcoin supply, he was quoted as saying:
Well, how do you know it will stop at 21 million? Maybe it will reach 21 million, and Satoshi's photo will appear and laugh at all of you.
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Jamie Dimon uses the FTX example
While speaking about the broader crypto market, the JPMorgan CEO and Chairman openly confessed that he was not surprised by the crash and subsequent bankruptcy of FTXwhich was previously one of the most prominent cryptocurrency exchanges in the world. He said that he had referred to FTX as a "decentralized Ponzi scheme" in the past.
Jamie noted, in a jab directed at tying of alleged lack of disclosure and support for the dollar, that US regulators should have stopped suspicious activity long ago. He went on to say that people, particularly those with lower incomes and, in some cases, the elderly, have lost billions of dollars as a result of unregulated behavior.
Despite Dimon's negative comments on Bitcoin, JP Morgan is moving towards integrating blockchain technology into its existing operations. For example, the lending institution has a cryptocurrency known as JPM Coin that is used for intraday repurchase agreements. And as it is, the Bitcoin (BTC) price it is currently trading at $20,765. This represents a 2.48% decline on the day, in contrast to a 14.50% gain over the week according to CoinGape. crypto market tracker.
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