Although I previously stated in an interview with CNBC that I would not comment on Bitcoin anymore, the host of Bloomberg still asked, and Jamie Dimon, CEO of JPMorgan Chase, also responded, maintaining the same view and reiterating that Bitcoin is a “fraud”.
(JPMorgan Chase CEO: Bitcoin’s actual use is money laundering, Satoshi Nakamoto will change the total supply limit)
When asked about his views on cryptocurrencies, Jamie Dimon stated:
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If you’re referring to cryptocurrencies like Bitcoin, I have always said that it is a fraud. If they consider Bitcoin as a currency, it is destined to fail. It is a Ponzi scheme, a decentralized scam. However, if a cryptocurrency has certain functionalities, such as smart contracts, it can be valuable. Smart contracts and blockchain have some value.
(Exclusive: Analyzing Bitcoin Spot ETF Trading – JPMorgan Chase has actually been buying Bitcoin long positions)
Jamie Dimon’s views remain the same as before. He recognizes two types of cryptocurrencies: one that incorporates smart contracts, allowing people to buy and sell real estate or tokenize assets. The other type, such as Bitcoin, is useless and only serves speculative purposes, as well as illegal activities like money laundering, fraud, tax evasion, and illicit transactions.
(JPMorgan Chase CEO Jamie Dimon: I don’t know what Bitcoin is good for, and I will never buy it)
Jamie Dimon
JPMorgan Chase
Further reading
JPMorgan Chase: Halving rally has occurred ahead of time, recommending entry into mining company stocks
JPMorgan Chase: Downside risks still exist in the crypto market, SEC will eventually approve Ethereum spot ETF.