The JP Morgan boss is clearly not a fan of cryptocurrencies. On Wednesday, September 21, during a speech before the US Congress, Jamie Dimon expressed his skepticism about them, not ashamed to compare them with “Ponzi schemes”, reports Bloomberg. “I am a big skeptic about cryptographic tokens that you call money, like bitcoin. These are decentralized Ponzi schemes,” he accurately said, while the authorities are now working on the introduction of legislation.
On the contrary, according to the CEO of JPMorgan Chase & Co, stablecoins — digital assets pegged to the value of the US dollar or other currencies — will not be a problem with proper regulation, he said, as long as JPMorgan is actively working with blockchain. Indeed, the bank uses its own blockchain and a personalized JPM Coin token to enter into intraday repurchase agreements, which allows other financial institutions to take short-term loans with better guarantees. JPMorgan also became the first Wall Street bank to jump into the metaverse last February.
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This is not the first time Jamie Dimon has been involved in cryptocurrencies. As Bloomberg recalls, he has referred to Bitcoin as a “scam” in the past before finally returning to his remarks. A few months ago, the JP Morgan boss also said that he thought cryptocurrencies were worthless, but he would go after the clients. More recently, the leader did acknowledge that decentralized finance is indeed “real.”
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Jamie Dimon is not the first to be skeptical about cryptocurrencies. Last May, Bill Gates posted on Reddit that he did not own a digital currency. “I like to invest in things that have value. The value of companies is based on how good they are at making great products. The value of a cryptocurrency is based only on the fact that one person decides how much another person will pay for it,” the billionaire explained. .