Jamie Dimon, CEO of JPMorgan, has said that cryptocurrencies are "decentralized Ponzi schemes," but blockchain technology has potential, Business Insider has reported.
According to him:
"I'm a major skeptic of crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes, and the notion that it's good for anybody is unbelievable."
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Dimon claims cryptocurrencies facilitate various illegal practices such as money laundering. He has stressed these assets pose a threat.
However, the JPMorgan head has acknowledged that "real" technologies, such as DeFi and utility tokens, can be useful. In particular, he has stated he would not oppose the emergence of a regulated stablecoin.