- Jamie Dimon, CEO of JPMorgan, criticized Bitcoin as a “Ponzi scheme” during an interview on Bloomberg TV.
- Despite this criticism, JPMorgan has been involved in Bitcoin ETFs and blockchain projects.
- The recent volatility in Bitcoin’s price highlights ongoing debates in the cryptocurrency market.
In an interview on Bloomberg TV, JPMorgan Chase CEO Jamie Dimon once again expressed his doubts about Bitcoin (BTC), calling it a “Ponzi scheme.” He reiterated his belief that Bitcoin lacks utility and legitimacy as a currency and is essentially a fraudulent scheme disguised as technological innovation.
Dimon’s criticism of Bitcoin is well-known, as he has previously referred to it as a “fraud” and raised concerns about its potential for illegal activities due to its anonymity and lack of regulation.
JPMorgan’s involvement in Bitcoin ETFs
Despite Dimon’s skepticism, JPMorgan has actively participated in the cryptocurrency space, serving as an Authorized Participant for BlackRock’s spot Bitcoin ETF and engaging in various blockchain-based projects.
While Dimon may be critical of Bitcoin, he has acknowledged the potential value of certain aspects of blockchain technology, such as smart contracts. However, he maintains his stance that cryptocurrencies like Bitcoin lack intrinsic value as currencies.
This contrast highlights the nuanced approach within JPMorgan towards cryptocurrency investments, even as its CEO expresses doubts.
Impact on Bitcoin’s market performance
Bitcoin’s market performance has been subject to fluctuations recently. As of writing, its price was $64,741.28, with a 4.92% increase in the last 24 hours, but still down 8.41% in the last 7 days.
Despite these fluctuations, Bitcoin’s market capitalization has exceeded $1.2 trillion, reflecting its growing acceptance as an asset class.
