Key Takeaways
Jamie Dimon, CEO of JPMorgan, labeled Bitcoin as a “fraud” and a “Ponzi scheme” in a current Bloomberg interview, questioning its legitimacy as a foreign money;
Regardless of his skepticism, Dimon acknowledged the potential worth of cryptocurrencies that allow applied sciences like good contracts and blockchain functionalities;
Through the years, Dimon has constantly criticized Bitcoin for its affiliation with unlawful actions.
Jamie Dimon, CEO of JPMorgan, known as Bitcoin (BTC) a “fraud” and a “Ponzi scheme.”
This was mentioned in a Bloomberg interview on Wednesday, the place Dimon expressed doubts about BTC’s potential to ever perform as a reputable foreign money.
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Dimon’s important stance on Bitcoin just isn’t new. Through the years, he has likened investing in Bitcoin to smoking a cigarette and known as for governments to ban it, citing its function in facilitating unlawful actions, together with tax evasion, cash laundering, and different crimes.
Regardless of the criticisms, Dimon acknowledged:
If it is a crypto coin that may do one thing like a wise contract, that has worth. There might be good contracts, and blockchain works — to the extent crypto is accessing sure blockchain issues, yeah, that may have some worth.
The JPMorgan govt’s views on Bitcoin have been constant regardless of its monetary efficiency. BTC not too long ago reached a document excessive of over $70,000, at the moment hovering round $64,000, with a market cap of roughly $1.2 trillion.
Dimon’s assertion got here whereas the Bitcoin neighborhood awaits the halving occasion, anticipated in 12 hours on the time of writing, when mining rewards might be lowered in half, from 6.25 BTC to three.125 BTC. As a result of fears of profitability after the occasion, main Bitcoin mining firms have not too long ago skilled a drop in inventory worth.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Warfare II period.With near a decade of expertise within the FinTech trade, Aaron understands all the greatest points and struggles that crypto fans face. He’s a passionate analyst who is worried with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and trade newcomers.Aaron is the go-to individual for every thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 training, Aaron strives to rework the house as we all know it, and make it extra approachable to finish learners.Aaron has been quoted by a number of established shops, and is a broadcast creator himself. Even throughout his free time, he enjoys researching the market tendencies, and searching for the subsequent supernova.
