The CEO of JPMorgan attacks Bitcoin again: “It is a fraud”

Jamie Dimon
  • Jamie Dimon, the head of one of the largest banks in the United States, lashed out at the crypto market again.
  • Days ago, he had declared that Bitcoin was a “decentralized ponzi scheme”, taking advantage of the moment of vulnerability in which the market is now, after the collapse of FTX.
  • Is it a coincidence that the vast majority of big banks target Bitcoin and other cryptocurrencies? Comment at the end of the note, your opinion interests us.

Major US banks have long been skeptical of Bitcoin and the crypto market in general. They call it unnecessary and risky for investors.

Jamie Dimon, CEO of JPMorgan and one of Bitcoin’s biggest detractors, again attacked the world’s most popular cryptocurrency at the World Economic Forum in Davos, Switzerland.

Several days ago, Dimon declared that Bitcoin was a “decentralized Ponzi scheme”, which means it is a large-scale scam.

In a new opportunity, the executive director did not hesitate to redouble his bet and continue attacking Bitcoin, stating that “it is an exaggerated fraud, a pet rock” and that the crypto market is full of scams.

Several Wall Street businessmen have taken advantage of the moment of vulnerability in the cryptocurrency industry to destabilize it. It should be noted that the market suffered two “black swans” in 2022, the product of the collapse of Terra and the FTX exchange.

Dimon also referred to the crisis suffered by the Sam Bankman-Fried exchange: “It doesn’t surprise me at all. It is scandalous. The regulators should have stopped this a long time ago,” he noted.

On the other hand, the CEO of JPMorgan did support blockchain technology. “It is a technology accounting system that we use to move information. We have used it to do overnight repos, intraday repos. We use it to move money. That is a ledger of technology that we think will be implementable.”