JPMorgan CEO once again calls Bitcoin a “fraud” and a “Ponzi scheme”

Jamie Dimon once again criticised Bitcoin badly, despite his promise that he would not talk about or attack Bitcoin.

JPMorgan Chase & Co. is a global financial services firm known for its banking, investment, and asset management services. Jamie Dimon is the CEO of this firm. This firm has shown significant interest in Bitcoin and blockchain over the last few years, offering services to selected clients, but its official stance varies.

In the past, the JPMorgan CEO criticised Bitcoin & cryptocurrencies badly. Last time, he said that he would no longer talk about Bitcoin or attack this sector.

On 18 April 2024, Jamie Dimon appeared in an interview with Bloomberg to pass a fresh negative comment against Bitcoin. Probably he failed to get a better subject to talk about & that is why he chose Bitcoin.

Jamie criticised Bitcoin, labelling it a “fraud” and a “Ponzi scheme.” He reiterated that Bitcoin lacks the fundamental qualities of a viable currency, expressing his unwavering belief.

According to Jamie, Bitcoin is nothing more than a speculative bubble, a tool for those chasing fairy dust, not financial stability.

However, he admitted that Bitcoin is now playing in the big financial sector but he said that it can’t become currency anytime in the future and furthermore pointed fingers against wild price swings and the sketchy regulations.

Despite the JPMorgan CEO’s negative stance against Bitcoin, JPMorgan has its hand in Bitcoin-related projects. Few months ago, BlackRock announced that JPMorgan will help manage its new Bitcoin ETF called IBIT.

Many people believe that the JPMorgan CEO bashes Bitcoin because he doesn’t like Bitcoin but he provides business support for Bitcoin-related products because he wants to generate money for his firm.

Some people think that Jamie is only trying to fool people and he doesn’t want to see huge numbers of investors for Bitcoin so that he can invest in Bitcoin at a low price for the next multiple years easily.

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