- Jamie Dimon, JPMorgan CEO, referred to as Bitcoin a “Ponzi scheme.”
- Dimon’s criticism comes regardless of JPMorgan’s involvement in Bitcoin ETFs.
- Bitcoin’s current worth volatility highlights ongoing debates within the cryptocurrency market.
JPMorgan Chase CEO Jamie Dimon has as soon as once more voiced his scepticism in direction of Bitcoin (BTC), dubbing it a ‘Ponzi scheme’ throughout an interview on Bloomberg TV.
Throughout his interview, Dimon reiterated his long-standing criticism of Bitcoin, stating that it lacks utility and legitimacy as a type of cash. He described Bitcoin and related cryptocurrencies as “merely not practical as currencies,” emphasising his perception that they’re basically Ponzi schemes disguised as technological innovation.
Nonetheless, this isn’t the primary time that the CEO is criticizing Bitocin. His scepticism in direction of Bitcoin is well-documented. He beforehand referred to as Bitcoin a “fraud” and expressed considerations about its potential to facilitate unlawful actions reminiscent of cash laundering, fraud, and tax evasion as a consequence of its anonymity and lack of regulation.
JPMorgan’s involvement in Bitcoin ETFs
It’s notable that regardless of Dimon’s vocal criticism of Bitcoin, JPMorgan has been actively concerned within the cryptocurrency area.
The banking large has served as an Licensed Participant for BlackRock’s spot Bitcoin exchange-traded fund (ETF) and has participated in a number of blockchain-based initiatives through the years.
Moreover, regardless of Dimon’s scepticism in direction of Bitcoin, the CEO acknowledged the potential worth of sure facets of blockchain expertise, notably these facilitating sensible contracts though he maintained his stance that cryptocurrencies like Bitcoin lack inherent worth as currencies, echoing his earlier sentiments on the matter.
This juxtaposition highlights the nuanced strategy throughout the banking large in direction of cryptocurrency investments, whilst its CEO expresses scepticism.
Bitcoin (BTC) worth market response
Bitcoin’s market efficiency has been topic to fluctuations in current occasions. On the time of writing, Bitcoin price was $64,741.28, after experiencing a 4.92% improve within the final day, nevertheless it was nonetheless down 8.41% over the previous seven days.
Regardless of these fluctuations, Bitcoin’s market capitalization has just lately surpassed $1.2 trillion, reflecting its continued progress and acceptance as an asset class.