JPMorgan Chase CEO Jamie Dimon reiterated his robust skepticism towards Bitcoin on April 18, calling it a “fraud” and a “Ponzi scheme” regardless of the lender’s involvement in BlackRock’s spot BTC exchange-traded fund (ETF).
Dimon, who has a historical past of critiquing the digital foreign money, made the most recent feedback throughout an interview on Bloomberg TV, the place he expressed doubts about Bitcoin’s utility and legitimacy as a type of cash.
He mentioned:
“Bitcoin and related cryptocurrencies are merely not practical as currencies. In the event that they suppose they’re a foreign money, there’s no hope for it. It’s primarily a Ponzi scheme dressed up as tech innovation.”
Regardless of the JP Morgan CEO’s long-standing criticism of Bitcoin, the lender has been serving as an Approved Participant for BTC ETFs since their launch and has been concerned in a number of blockchain-based initiatives for quite a few years.
Dimon acknowledged the potential of sure points of blockchain know-how throughout the interview, significantly people who allow good contracts. He mentioned:
“There are parts throughout the broader crypto sector, similar to these facilitating good contracts and blockchain functions, that do current actual worth.”
The veteran banker’s feedback come amid a backdrop of fluctuating crypto values, with Bitcoin having just lately rebounded to commerce across the $63,000 mark, considerably up from its lows however nicely beneath its all-time excessive.
Progress regardless of criticism
Dimon has been vocal about his considerations with cryptocurrencies prior to now, citing their potential to allow unlawful actions similar to cash laundering, fraud, and tax evasion attributable to their anonymity and lack of regulation.
He has beforehand referred to as for extra stringent oversight to stop the monetary crimes related to cryptocurrencies.
Regardless of Dimon’s essential stance over time, the crypto market has continued to develop, with Bitcoin’s market capitalization just lately surpassing $1.2 trillion. His feedback replicate ongoing debates throughout the monetary group concerning the viability and security of investments in cryptocurrencies.
Trade analysts recommend that whereas skepticism like Dimon’s will not be unusual amongst conventional monetary leaders, the innovation and adoption of blockchain know-how present no indicators of slowing down. As discussions concerning the regulatory framework proceed, the way forward for cryptocurrencies stays a hotly contested subject throughout world monetary markets.
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