In a CNBC morning interview on Thursday, which took place during the World Economic Forum (WEF) in Davos, Switzerland, billionaire Jamie Dimon, chairman and CEO of banking giant JPMorgan, said bitcoin is a “bloated scam.” “favorite stone”
“Bitcoin itself is a bloated scam,” says @jpmorgan CEO Jamie Dimon. “Cryptocurrency is a decentralized Ponzi scheme… It’s a favorite stone.” pic.twitter.com/9KQfckty8f
— Squawk Box (@SquawkCNBC) January 19, 2023
Jamie Dimon clarified that this is different from blockchain technology, which he says could have applications in the “real world”.
Jamie Dimon has been an outspoken critic of bitcoin and has called the cryptocurrency a “scam”. While he acknowledges the benefits of blockchain technology, he has brushed aside the largest cryptocurrency, saying it is a tool for crimes like money laundering.
Although he recently softened his stance and allowed JPMorgan customers to access cryptocurrencies through his banking service, Dimon remains unconvinced about the future of bitcoin.
In numerous interviews, he downplayed its potential for adoption, saying that it was more likely to remain speculative than to be widely adopted. In 2021, he declared the largest cryptocurrency “worthless”.
In October, Dimon called cryptography a “decentralized Ponzi,” although he praised the technology behind it. The head of JPMorgan complained about illegal actions with cryptocurrencies.
With Dimon’s influence firmly established in financial circles, skepticism about cryptocurrencies is likely to persist for some time to come.