JPMorgan CEO Calls Crypto 'Decentralized Ponzi Schemes'
JPMorgan CEO Jamie Dimon sees crypto as a tale of two cities, with "crypto tokens you call currencies " on the one hand and "real" innovations on the other.
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During testimony before United States (US) lawmakers, JPMorgan Chase CEO Jamie Dimon called himself a “big skeptic” of “crypto tokens you call money like Bitcoin” , calling them "decentralized Ponzi schemes".
Dimon was asked about what's stopping him from being more active in the crypto space during a watchdog hearing held by the House Financial Services Committee on September 21.
Dimon emphasized that he sees value in blockchain, decentralized finance (DeFi), ledgers, smart contracts, and “tokens that do something,” but then lambasted crypto tokens that identify as currencies.
Asked about his opinion on the US stablecoin bill, Dimon said he thinks there is nothing wrong with stablecoins being properly regulated and that regulation should be similar to that to which money market funds are subject.
Dimon has previously described Bitcoin as a “fraud” and has reiterated in the past that he has no interest in supporting the industry on a personal level. He has occasionally softened his stance on crypto, once emphasizing that it can serve important use cases at times such as cross-border payments.
Despite Dimon's views on the cryptocurrency space, JPMorgan has entered the blockchain technology space. The financial giant launched its own in-house stablecoin - JPM Coin in October 2020 - the first US bank-backed cryptocurrency, which aimed to increase settlement efficiency.
A week after the coin was rolled out, the bank launched a new business division dedicated to blockchain technology called Onyx. Since then, the Onyx platform has been used by large institutional clients for round-the-clock international payments.
JPMorgan also became the first major bank in the Metaverse following the opening...
JPMorgan CEO Jamie Dimon sees crypto as a tale of two cities, with "crypto tokens you call currencies " on the one hand and "real" innovations on the other.
New
During testimony before United States (US) lawmakers, JPMorgan Chase CEO Jamie Dimon called himself a “big skeptic” of “crypto tokens you call money like Bitcoin” , calling them "decentralized Ponzi schemes".
Dimon was asked about what's stopping him from being more active in the crypto space during a watchdog hearing held by the House Financial Services Committee on September 21.
Dimon emphasized that he sees value in blockchain, decentralized finance (DeFi), ledgers, smart contracts, and “tokens that do something,” but then lambasted crypto tokens that identify as currencies.
Asked about his opinion on the US stablecoin bill, Dimon said he thinks there is nothing wrong with stablecoins being properly regulated and that regulation should be similar to that to which money market funds are subject.
Dimon has previously described Bitcoin as a “fraud” and has reiterated in the past that he has no interest in supporting the industry on a personal level. He has occasionally softened his stance on crypto, once emphasizing that it can serve important use cases at times such as cross-border payments.
Despite Dimon's views on the cryptocurrency space, JPMorgan has entered the blockchain technology space. The financial giant launched its own in-house stablecoin - JPM Coin in October 2020 - the first US bank-backed cryptocurrency, which aimed to increase settlement efficiency.
A week after the coin was rolled out, the bank launched a new business division dedicated to blockchain technology called Onyx. Since then, the Onyx platform has been used by large institutional clients for round-the-clock international payments.
JPMorgan also became the first major bank in the Metaverse following the opening...
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