“Bitcoin itself is a hyped-up fraud. Crypto is a decentralized Ponzi scheme…It’s a pet rock.” ~ Jamie Dimon
At the World Economic Forum in Davos, Switzerland, JPMorgan Chase CEO Jamie Dimon bashed cryptocurrencies as a distraction and fraud.
“I think all that’s been a waste of time and why you guys waste any breath on it is totally beyond me,”Jamie Dimon, chairman and chief executive officer of JPMorgan Chase told CNBC Squawk Box in Davos. “Crypto is a decentralized Ponzi scheme. Bitcoin itself is a hyped up fraud. It’s a pet rock.”
“Bitcoin itself is a hyped-up fraud,” says @jpmorgan CEO Jamie Dimon. “Crypto is a decentralized Ponzi scheme…It’s a pet rock.” pic.twitter.com/9KQfckty8f
— Squawk Box (@SquawkCNBC) January 19, 2023
“They are decentralized Ponzi schemes, and the notion that’s good for anybody is unbelievable,” he told lawmakers in a previous congressional testimony, calling Bitcoin and other cryptocurrencies “dangerous.”
“Cryptocurrencies that don’t do anything, I don’t understand why people spend any time [thinking about them],” Dimon said, adding that JPMorgan was “not even sure that [Bitcoin] is a real market.”
Bitcoin, like all cryptocurrencies, is a risky and highly volatile investment, making it difficult to predict exactly how the market will play out in the short and long term.
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