Chief Executive Officer of JP Morgan, Jamie Dimon, reaffirmed his stance on Bitcoin, calling it a “public decentralized Ponzi scheme.”
The billionaire banker and prominent figure on Wall Street discussed various topics, including market trends, technology, and geopolitical risks, during his appearance on BloombergTV.
Following a prolonged period of decline, the price of Bitcoin surged above $70,000 in March 2024 and currently hovers around the $63,000 mark, resulting in a market value of $1.2 trillion.
Dimon reiterated his skepticism about Bitcoin’s viability as a currency, emphasizing his long-standing belief that it lacks prospects in that area.
He said: “If you mean crypto like Bitcoin, I’ve always said it’s a fraud.
“If they think they’re a currency, there’s no hope for it. It’s a Ponzi scheme.”
Nevertheless, he acknowledged the significance of blockchain technology and smart contracts, acknowledging their potential applications.
