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JPMorgan CEO: Bitcoin is a "decentralized Ponzi scheme"

JPMorgan CEO Jamie Dimon has nothing good to say about Bitcoin and the like.

By Finst News
• 2 min read

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JPMorgan CEO Jamie Dimon has nothing good to say about Bitcoin and the like. Still, the bank's top executive has been signaling mixed signals.

JPMorgan CEO Jamie Dimon took a shot at cryptocurrencies yesterday, September 22, during a US Congressional hearing. This comes from a Bloomberg report. "I'm a big skeptic of crypto tokens that pass for currencies, like Bitcoin," the bank boss said, labeling them as "decentralized Ponzi schemes." Interestingly, the bank has had its own Bitcoin fund for years.

Dimon adds: "The idea that it’s good for anyone is unbelievable." Dimon's stance on crypto, however, isn't crystal clear: as the largest American bank, JPMorgan has already launched its own stablecoin. Earlier this year, JPMorgan was even the first bank to open a lounge in the Metaverse.

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