JP Morgan Boss Calls Crypto ‘Ponzi Schemes’

The JP Morgan boss is clearly not a fan of the CRYPTOCURRENCIES. On Wednesday, September 21, during testimony before the US Congress, Jamie Dimon expressed his skepticism about them, not hesitating to compare them to “Ponzi schemes”, reports Bloomberg. “I’m a big skeptic of crypto tokens, which you call money, like Bitcoin. These are decentralized Ponzi schemes”, he launched precisely, while the authorities are currently working on the introduction of legislation.

In contrast, according to the CEO of JPMorgan Chase & Co, stablecoins (digital assets pegged to the value of the US dollar or other currencies) would not be a problem with proper regulation, he said, while JPMorgan is active in the block chain. In fact, the bank uses its own blockchain and custom token, JPM Coin, to enter into intraday repurchase agreements, allowing other financial institutions to obtain short-term loans with better collateral. JPMorgan was also the first Wall Street bank to jump into the metaverse last February.

This is not the first time Jamie Dimon has addressed cryptocurrencies. As Bloomberg recalls, he had already called Bitcoin a “fraud” in the past before finally retracting his comments. A few months ago, the head of JP Morgan also said that, in his opinion, cryptocurrencies (…)

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