JPMorgan Chase CEO Jamie Dimon said in a U.S. congressional hearing that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He told lawmakers: “I’m a major skeptic on crypto tokens which you call currency.”

JPMorgan CEO Jamie Dimon Calls Crypto Ponzi Schemes

Jamie Dimon, the CEO of JPMorgan Chase & Co., shared his view about cryptocurrencies, naming bitcoin in particular, in a congressional hearing Wednesday.

Responding to a question by Representative Josh Gottheimer (D-NJ) about the rapid development of digital assets, Dimon emphasized the importance of separating cryptocurrencies from other innovations that he said are “real,” like blockchain, decentralized finance (defi), and “tokens that do something.”

The executive opined:

I’m a major skeptic on crypto tokens which you call currency, like bitcoin. They are decentralized Ponzi schemes.

“And the notion that it’s good for anybody is unbelievable,” he continued. The JPMorgan boss proceeded to reference that billions of dollars are lost each year through crypto, linking cryptocurrencies to crimes such as ransomware payments, money laundering, sex-trafficking, and theft. He emphasized that crypto is “dangerous.”

The JPMorgan executive also talked about stablecoins, which he said would not be problematic with proper regulation. “There’d be nothing wrong with a stablecoin, which is like a money market fund, properly regulated,” Dimon stated. Regarding blockchain, he affirmed that JPMorgan is “a big user of blockchain.”

A longtime bitcoin skeptic, Dimon has warned investors on several occasions to be careful about investing in cryptocurrencies, cautioning that they have no intrinsic value. He previously said bitcoin is worthless and questioned BTC’s limited supply. The JPMorgan chief, however, has repeatedly said that blockchain and defi are real. In May, the global investment bank said it expects increased blockchain use in finance.

Meanwhile, JPMorgan is offering some crypto-related investments, has its own JPM Coin, and has a lounge in the metaverse. JPMorgan’s analysts are also more bullish about bitcoin and cryptocurrency than the bank’s CEO. In May, analyst Nikolaos Panigirtzoglou published a report stating that the bank has replaced “real estate with digital assets as our preferred alternative asset class along with hedge funds.”

Dimon also recently shared his predictions about where the U.S. economy is headed. In August, he warned that something worse than a recession is coming. In June, he cautioned about an economic hurricane, advising individuals and businesses to brace for impact.

NEWS RELATED

Cloud storage company Box can surge nearly 40% on the future of work, Morgan Stanley says in upgrade

It's time for investors to load up on shares of cloud storage company Box , according to Morgan Stanley. Analyst Josh Baer upgraded shares of Box to overweight from equal weight, saying that the company can handle the content management needs of a post-Covid workforce. The analyst also hiked his ...

View more: Cloud storage company Box can surge nearly 40% on the future of work, Morgan Stanley says in upgrade

Piers Morgan announces Question Time return after scolding embarrassing tax U-turn

Piers Morgan will no doubt be going IN on Kwasi Kwarteng and Liz Truss on Question Time this week (Picture: Getty) Piers Morgan has smugly announced his return to Question Time minutes after ripping into Kwasi Kwarteng for his humiliating U-turn over the 45p tax rate cut for higher ...

View more: Piers Morgan announces Question Time return after scolding embarrassing tax U-turn

Paytm share price rises 7% in 6 months, may rally this much more; JP Morgan bullish, should you buy?

Paytm to see strong revenue growth across all its business segments, thanks to device monetisation in payments, financial services cross-selling, ticketing recovery and rising ad monetisation. Paytm share price rose 3 per cent on Monday after foreign brokerage firm JP Morgan reiterated a positive stance on the stock last ...

View more: Paytm share price rises 7% in 6 months, may rally this much more; JP Morgan bullish, should you buy?

‘Arrogant deluded twerp’ – Piers Morgan rips into ‘disgraceful’ Ten Hag for his treatment of Cristiano Ronaldo

PIERS MORGAN branded Erik ten Hag an “arrogant, deluded twerp” after the Manchester United manager left Cristiano Ronaldo on the bench against City. A fuming looking Ronaldo, 37, had to watch on as his side were trounced 6-3 by their bitter rivals at the Etihad. Piers Morgan is a ...

View more: ‘Arrogant deluded twerp’ – Piers Morgan rips into ‘disgraceful’ Ten Hag for his treatment of Cristiano Ronaldo

Video: Piers Morgan hits out at Erik ten Hag for his 'DISGRACEFUL' treatment of Cristiano Ronaldo... after the Dutchman bizarrely claimed he left the striker on the bench during Man United's 6-3 derby thumping by City 'out of respect for his big career'

Accident brings I-79 to more than 90-minute standstill in Morgantown, West Virginia

Accident brings I-79 to more than 90-minute standstill in Morgantown, West Virginia MORGANTOWN, W.Va. (WBOY) — A late night accident shut down part I-79 northbound Saturday. It happened around 9 p.m. near mile marker 152. Monongalia County 911 officals say it involded two cars. FBI, Pittsburgh Police search former ...

View more: Accident brings I-79 to more than 90-minute standstill in Morgantown, West Virginia

Baker throws 3 TDs, Morgan St. tops DIII Virginia Lynchburg

BALTIMORE (AP) — Carson Baker threw for three touchdowns and Morgan State eased by Division III Virginia Lynchburg 44-10 on Saturday. Morgan State scored 37 unanswered points in the first half, including a safety and a fumble return for a touchdown. The Bears also had a one-play drive during ...

View more: Baker throws 3 TDs, Morgan St. tops DIII Virginia Lynchburg

Pernigotti, produzione ripartita con Jp Morgan e doppi turni in fabbrica

Pernigotti, produzione ripartita con Jp Morgan e doppi turni in fabbrica Il closing con Jp Morgan slitta al 20 ottobre prossimo, per verificare alcune formalità propedeutiche alla chiusura del Deal, tra le quali l’acquisizione del decreto di cassa integrazione straordinaria. Ma nel frattempo la fabbrica Pernigotti di Novi Ligure, ...

View more: Pernigotti, produzione ripartita con Jp Morgan e doppi turni in fabbrica

Terwijl techbedrijven gas terugnemen, wil grootbank JPMorgan juist meer programmeurs aanwerven

JPMorgan vai contratar cerca de 2 mil engenheiros de tecnologia

Gorman (Morgan Stanley): niente panico sui mercati. La Fed alzerà ancora i tassi, ma una recessione profonda è improbabile

China told US banks like Goldman Sachs and JPMorgan to avoid publishing politically sensitive research ahead of a key Communist Party summit, report says

JPMorgan plans to hire 2,000 tech workers by year's end: report

Audrey Fleurot: tutto sull’attrice francese e protagonista di Morgane- Detective geniale

Morgan Freeman en Kevin Costner werken samen aan epische serie

JPMorgan acelera contratações. Quer recrutar 2.000 engenheiros até final do ano

Exclusive-JPMorgan to hire about 2,000 engineers even as economy softens

57% upside for Paytm? JPMorgan sees stock at Rs 1,000. Here's why

Alex Morgan's minor injury leaves USWNT thin at striker for massive friendly at England

Morgan difende Asia Argento sul caso Bourdain: "L'ho amata e ha tutta la mia complicità"

OTHER NEWS

Breaking thailand news, thai news, thailand newsVerified News Story Network