Reaffirmation: Bitcoin is a scam, JPMorgan Chase CEO states BTC cannot become “currency”
Although he previously stated in an interview with CNBC that he would not comment on Bitcoin again, the host from Bloomberg still asked, and JPMorgan CEO Jamie Dimon answered and maintained the same view, reiterating that Bitcoin is a “fraud”.
JPMorgan CEO: Bitcoin’s actual use is money laundering, Satoshi Nakamoto will change the total supply limit.
Jamie Dimon was asked about his views on cryptocurrencies and stated:
If you are 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 Ponzi scheme disguised as decentralization. However, if a cryptocurrency has certain functions, such as smart contracts and other applications, then it has value. Smart contracts and blockchain have some value.
Jamie Dimon’s views remain the same as before. He recognizes two types of cryptocurrencies. One is the introduction of smart contracts, where people can buy and sell properties or tokenize assets. The other type, such as Bitcoin, is useless and only serves speculative purposes, as well as illegal activities such as money laundering, fraud, tax evasion, and illicit transactions.
Jamie Dimon
JPMorgan
Further reading:
JPMorgan: Halving rally has occurred early, recommending entry into mining stocks.
JPMorgan: Downside risks still exist in the crypto market, SEC will eventually approve Ethereum spot ETF.
