JPMorgan CEO calls cryptocurrencies “decentralized Ponzi schemes”

Jamie Dimon stressed that he is a “major skeptic” about such assets

22.09.2022 - 08:15

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What’s new? Jamie Dimon, CEO of JPMorgan, a financial holding company, said that cryptocurrencies are “a tale of two cities, with “crypto tokens that you call currencies” on one side and “real” innovations on the other.” During a speech to US lawmakers, Dimon described himself as a “major skeptic” about cryptocurrencies, calling them “decentralized Ponzi schemes.” Cointelegraph reports this.

News on the Cointelegraph website

What other statements have been made? During a hearing of the House Financial Services Committee on September 21, Dimon said that he sees value in blockchain, decentralized finance (DeFi), ledgers, smart contracts, and tokens that “do something.” In doing so, he criticized tokens that users call currencies. Asked about stablecoins, Dimon stressed that he sees nothing wrong with regulated stablecoins.

Previously, JPMorgan noted a sharp decline in the use of cryptocurrencies for payments in the past six months. The bank still supports customers who want to pay in cryptocurrencies, but for now, it remains “a niche use case.”

In April, Dimon said that blockchain and DeFi could improve various aspects of banking.

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