JP Morgan CEO on Bitcoin & Crypto Market

Jamie Dimon, CEO of JP Morgan, recently blasted Bitcoin (BTC) as a modern-day hoax while praising blockchain technology in an interview.

The CEO of JP Morgan Chase, Jamie Dimon, has continued to express his hatred for the leading cryptocurrency and other digital assets after comparing Bitcoin (BTC) to a "Ponzi scheme" earlier this year. Jamie, a vocal opponent of Bitcoin, has called the digital currency a ponzi, pet rock, and most recently a "hyped-up hoax" among other harsh terms.

CEO of JP Morgan criticises Bitcoin (BTC)

During his appearance on the CNBC programme Squawk Box on January 19, Dimon was asked about his current thoughts on cryptocurrency. In response, he questioned why the other panellists "waste any breath" talking about the subject before calling the first cryptocurrency in existence "a hyped-up phoney, a pet rock."

However, he casts doubt on whether Bitcoin is a store of value or as scarce as it is intended to be while praising the blockchain and ledger technologies that JPMorgan internally utilises and expects will be harnessed for future money transfers. Regarding Satoshi's pre-programmed restriction on the amount of Bitcoin available, he was cited as saying, How do you know it will stop at 21 million, though? Perhaps when it reaches 21 million, Satoshi's image will appear and he'll laugh at you all.

Jamie Dimon Cites FTX As An Example

The CEO and chairman of JPMorgan freely admitted during a discussion about the larger cryptocurrency industry that he was not astonished by the collapse and subsequent bankruptcy of FTX, which had previously been one of the most well-known cryptocurrency exchanges worldwide. He said that in the past, he had called FTX a "decentralised Ponzi scam."

Jamie made the remark in a dig at Tether's purported lack of disclosures and dollar backing, saying that American regulators should have halted the dubious conduct long ago. He continued by saying that as a result of the unregulated behaviour, people have lost billions of dollars, notably those with lower incomes and, in some cases, seniors.

Despite Dimon's criticism of Bitcoin, JP Morgan is working to incorporate blockchain technology into its current business practises. The lending institution, for instance, uses a cryptocurrency called JPM Coin for intraday repurchase agreements. And at the time of writing, the price of one Bitcoin (BTC) is $21,097 . According to the cryptocurrency market tracker CoinGabbar, this marks a decline of 0.14% for the day as opposed to a gain of 14.50% for the week.