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JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ despite JPMorgan’s involvement in Bitcoin ETFs

JPMorgan CEO calls Bitcoin a 'Ponzi Scheme' despite JPMorgan’s involvement in Bitcoin ETFs

  • Jamie Dimon, JPMorgan CEO, called Bitcoin a “Ponzi scheme.”
  • Dimon’s criticism comes despite JPMorgan’s involvement in Bitcoin ETFs.
  • Bitcoin’s recent price volatility highlights ongoing debates in the cryptocurrency market.

JPMorgan Chase CEO Jamie Dimon has once again voiced his scepticism towards Bitcoin (BTC), dubbing it a ‘Ponzi scheme’ during an interview on Bloomberg TV.

During his interview, Dimon reiterated his long-standing criticism of Bitcoin, stating that it lacks utility and legitimacy as a form of money. He described Bitcoin and similar cryptocurrencies as “simply not functional as currencies,” emphasising his belief that they are essentially Ponzi schemes disguised as technological innovation.

However, this is not the first time that the CEO is criticizing Bitocin. His scepticism towards Bitcoin is well-documented. He previously called Bitcoin a “fraud” and expressed concerns about its potential to facilitate illegal activities such as money laundering, fraud, and tax evasion due to its anonymity and lack of regulation.

JPMorgan’s involvement in Bitcoin ETFs

It’s notable that despite Dimon’s vocal criticism of Bitcoin, JPMorgan has been actively involved in the cryptocurrency space.

The banking giant has served as an Authorized Participant for BlackRock’s spot Bitcoin exchange-traded fund (ETF) and has participated in several blockchain-based projects over the years.

Furthermore, despite Dimon’s scepticism towards Bitcoin, the CEO acknowledged the potential value of certain aspects of blockchain technology, particularly those facilitating smart contracts although  he maintained his stance that cryptocurrencies like Bitcoin lack inherent value as currencies, echoing his previous sentiments on the matter.

This juxtaposition highlights the nuanced approach within the banking giant towards cryptocurrency investments, even as its CEO expresses scepticism.

Bitcoin (BTC) price market reaction

Bitcoin’s market performance has been subject to fluctuations in recent times. At the time of writing, Bitcoin price was $64,741.28, after experiencing a 4.92% increase in the last day, but it was still down 8.41% over the past seven days.

Despite these fluctuations, Bitcoin’s market capitalization has recently surpassed $1.2 trillion, reflecting its continued growth and acceptance as an asset class.

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