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    Bitcoin (BTC) Is a ‘Decentralized Pyramid Scheme’ Says JPMorgan CEO

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    CEO of JPMorgan has made controversial comments about crypto over the years. (Image: Michel Euler/Pool via REUTERS/File Photo)

    O CEO of JPMorgan (JPM; JPMC34), Jamie Dimon, said he was a “big skeptic of crypto tokens, as Bitcoin (BTC)” and called them “decentralized pyramid schemes” in his testimony before Congress this week.

    The executive commented that “the notion that [tokens cripto] are good for anyone is unbelievable” and pointed out the use of cryptocurrencies in crimes such as money laundering, sex trafficking and ransomware attacks.

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    According to Decrypt, the testimony of the CEO of JPMorgan also mentioned stablecoins, which are backed by and parity in some asset, usually the dollar. Stablecoin reserves can be cash and material assets or based on an algorithm.

    Dimon stated that a “properly regulated” stablecoin would not be an issue and that he sees value in blockchaindecentralized finance (DeFi) and “tokens that do something”. Then the CEO added that the bank JPMorgan is a big user of blockchain technology.

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    JPMorgan CEO Controversy

    According to Decrypt, the CEO of JPMorgan has a history of controversial comments related to the cryptocurrency market.

    In 2014, Dimon said that bitcoin was “a terrible store of value.” At other times in the following years, he called BTC “fraud” and “fool’s gold”.

    However, the bank appears to have taken a different direction. In 2019, JPMorgan launched its own stablecoin – JPM Coin. In addition, the company offers services for the purchase of some cryptocurrencies, such as bitcoin, ethereum (ETH) and ethereum classic (ETC), to high-income customers.

    At other times, the CEO of JPMorgan said that “personally, I believe bitcoin has no value.” But in a letter to shareholders in April, Dimon wrote that decentralized finance and blockchain are real, adding that the bank is at the forefront of these innovations.

    *With Decrypt information

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    Disclaimer

    O Money Times publishes informative articles of a journalistic nature. This publication does not constitute an investment recommendation.

    Source: Moneytimes

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