JPMorgan CEO says Bitcoin is a hyped-up fraud

Jamie Dimon criticised Cryptocurrencies Investors and compares Crypto assets with pet rocks.

Jamie Dimon is the CEO of JPMorgan. JPMorgan is a popular financial company that also provides Bitcoin & Ethereum-related services but its CEO Dimon is a crypto hater. Recently he appeared in an interview with CNBC and there he slammed Crypto assets.

First of all, he appreciated blockchain technology and noted that it is useful for fund transactions, which is a totally different thing from Cryptocurrencies.

JPMorgan CEO said:

“Blockchain is a technology ledger system that we use to move information. We’ve used it to do overnight repo and intraday repo. We’ve used it to move money. So that is a ledger, that’s a technology ledger type of thing that we think will be deployable.”

Further, he also raised questions over the 21 million supply of Bitcoin and claimed that we can’t trust this concept that it will stop after 21 million mining because we can’t see that picture.

Earlier this, the JPMorgan CEO slammed cryptocurrencies and said that such virtual assets are only “Decentralised ponzi scheme”.

In late 2022, Dimon claimed that no financial institution was interested in Bitcoin, except Microstrategy. According to him, Bitcoin was pumping & Bitcoin supporters were spreading hype on behalf of little interest of any institution toward the Crypto sector.

JPMorgan & Liink

JPMorgan working on blockchain technology focussed development work. Through Onyx, JPMorgan developed Liink. Liink is a blockchain technology-based messaging service for institutions.

These things are showing that different tech companies are using blockchain technology in their unique ways.

Recently Sri Lanka-based e-TukTuk company announced that they are planning to launch an electric Tuk-Tuk in Sri Lanka, which will be supported by the Cardano blockchain network.

Read also: Polygon partners BitGo to provide regulated Matic Coin custody

JPMorgan CEO says Bitcoin is a hyped-up fraud

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