Famed Banker Slams Bitcoin

(DailyEmailNews.com) – Revealing it to be a money-grabbing scam affecting millions worldwide, JPMorgan CEO Jamie Dimon blasted Bitcoin for being a deceptive scheme and a useless form of currency.

In a recent conversation with Bloomberg TV, Dimon stood by his longstanding skepticism about cryptocurrencies like Bitcoin.

“If you mean crypto like bitcoin, I’ve always said it’s a fraud,” he asserted. Expanding on his criticism, he branded Bitcoin a financial ruse. “If they think they’re a currency, there’s no hope for it. It’s a Ponzi scheme,” he further explained.

Although he has slammed Bitcoin, Dimon acknowledged the potential use of certain digital tokens, particularly those with practical applications such as executing smart contracts. “If it’s a crypto coin that can do something like a smart contract, that has value,” he pointed out.

He accepted that advancements like blockchain technology and smart contracts have merit, which suggests that cryptocurrencies that grant easier access to these innovations hold value.

Dimon’s dislike for Bitcoin is not new: he has consistently criticized it over the years.

He has also compared Bitcoin to tobacco consumption, declared it a dangerous investment, and advised people not to buy it, urging governmental authorities to ban it.

His assessments go beyond Bitcoin’s speculative nature to its operational aspects, condemning it as a “waste of time,” a ” hyped-up fraud” and comparing it to having a “pet rock.”

Dimon has also said he is concerned about Bitcoin’s anonymous nature, arguing that it enables illegal activities such as fraud, tax evasion, money laundering, illicit trades and terrorism.

Despite Dimon’s heated opposition, Bitcoin has experienced a rocky yet significant rise in value.

From September 2020 to November 2021, its price surged from $10,000 to over $65,000 followed by a decline to approximately $16,000.

Nevertheless, it witnessed a recovery, reaching beyond $70,000 last month. Its current valuation hovers around $63,000, which translates to a market capitalization of $1.2 trillion.

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