© Reuters. Broken Record? JPMorgan CEO Continues Rant On Bitcoin, Calls It A ‘Ponzi Scheme’
JPMorgan Chase (NYSE: NYSE:) CEO Jamie Dimon’s tirade against cryptocurrencies continues.
Despite the investment bank’s ongoing efforts to boost its crypto capabilities, Dimon blasts (CRYPTO: BTC) for being a decentralized Ponzi scheme.
See Also: JPMorgan CEO Still ‘Doesn’t Care About Bitcoin,’ Even If His Clients Do
“I am a major skeptic on crypto tokens, which you call currency like Bitcoin,” he said. “They are decentralized Ponzi schemes and the notion that it’s good for anybody is unbelievable. So we sit here in this room and talk about a lot of things, but $2 billion have been lost. Every year, $30 billion in ransomware. AML, sex trafficking, stealing, it is dangerous.”
Dimon, 66, made the comments during a congressional testimony on Wednesday. The JPMorgan honcho is a longtime vocal critic of digital currencies, especially Bitcoin, and has often referred to the asset as “worthless” and fraudulent, advising investors to avoid it.
JPMorgan’s Crypto Ambitions
Despite Dimon’s stance, JPMorgan remains committed to blockchain technology and providing crypto services, despite the bear markets dampening investors’ enthusiasm in the sector.
See Also: JPMorgan Chase’s Blockchain Unit Plans To Bring Trillions Of Dollars In Tokenized Assets To DeFi
Dimon further said with the right legislation, stablecoins — digital assets linked to the value of the U.S. dollar or other…
