Why Jamie Dimon thinks Bitcoin is a “Ponzi scheme”

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In a recent appearance on CBS’s “60 Minutes,” Jamie Dimon, Chairman and CEO of JPMorgan Chase, doubled down on his critical views of Bitcoin and cryptocurrencies.

Dimon described Bitcoin as “a Ponzi scheme” and “as useless as a pet rock,” underscoring his longstanding skepticism of the digital currency.

Dimon expressed concerns about Bitcoin’s lack of intrinsic value and its association with illicit activities. “I just don’t feel great about Bitcoin,” he remarked during the interview.

He went on to highlight issues such as its use in money laundering, ransomware attacks, and even sex trafficking. Dimon’s comments align with his earlier criticisms of Bitcoin, which he has previously referred to as a “fraud” and likened to pyramid schemes.

Despite his harsh words for Bitcoin, Dimon acknowledged the potential for digital currencies to play a significant role in the future of finance.

“We are going to have some kind of digital currency at some point,” he stated, suggesting that the financial industry is moving toward more regulated and centralized forms of digital assets. However, he reiterated that he does not see Bitcoin as a viable or sustainable option.

Dimon also emphasized that while individuals are free to invest in cryptocurrencies, he does not believe it is a wise choice. “I applaud your ability to wanna buy or sell it. Just like I think you have the right to smoke, but I don’t think you should smoke!” he quipped.

This interview marks the latest in a series of public criticisms from Dimon regarding Bitcoin. His remarks continue to spark debate within the financial world, particularly as cryptocurrencies gain traction among institutional investors and the general public.

While Dimon’s views resonate with skeptics, proponents of Bitcoin argue that decentralized digital currencies offer a transformative alternative to traditional financial systems.

JPMorgan Chase itself has taken a more nuanced approach to cryptocurrencies.

While Dimon remains personally critical, the bank has explored blockchain technology and offers Bitcoin-related products to certain clients, reflecting the complex and evolving relationship between traditional finance and digital assets.

Dimon’s comments come at a time when the cryptocurrency market is under increased scrutiny from regulators worldwide.

As discussions around the future of digital currencies continue, Dimon’s voice remains one of the most influential in the financial sector, shaping the narrative around Bitcoin and its role in the global economy.

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