JPMorgan CEO: Cryptocurrencies Are Decentralized Ponzi Schemes
AP Photo/Jacquelyn Martin
Main page Opinion, Banking, Cryptocurrency
Hot topic
Sept. 23, 2022

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.

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