JPMorgan Chase CEO Calls Crypto Tokens Like Bitcoin "Decentralized Ponzi Schemes"
The CEO of one of the largest banks in the world did not hesitate to give his opinion on .
MANDEL NGAN/Contributor/Getty Images'These are decentralized Ponzi schemes,' the CEO of & Co told a US House committee hearing on Wednesday , according to Bloomberg.
Dimon has long been a skeptic of cryptocurrencies, as he noted during the hearing.
"I'm a major skeptic of crypto tokens, which you call money, like Bitcoin," he said.
But his comments come amid another cryptocurrency crash this week, which has its own volatility and has been rocked by uncertainty in major markets. Yesterday interest rates rose for the fifth time in 2022 on a continuing backdrop, which could lead to higher rates and a recession, according to The New York Times.
As Bloomberg reported, Dimon said he thinks stablecoins — which are pegged to another financial instrument, like a currency, to try to limit its volatility — could be a positive thing if they were regulated.
Such regulation is in the works, Reuters reported.
The collapse of the Celsius network, which filed for bankruptcy in July, shed light on the problems crypto investors can face when a brilliant startup fails.
Related: 'Next Level Insult': Celsius Network CEO's Wife Sells T-Shirts That Say "Unbankrupt Yourself" in Reference to the Now Bankrupt Crypto Company's Tagline.
Individual investors in these situations are generally not a priority. However, Celsius was called a real "" in a lawsuit.
Celsius has promised users very high rates of return for leaving their cryptocurrency on its platform. It suspended all withdrawals in June.
Dimon testified alongside other top CEOs at the hearing on Wednesday and returned to the Hill on Thursday to testify before the Senate.
When her parents' restaurant burned down, this first-generation founder's brand of hot sauce rises from the ashes to take on the corporate giants
Not reaching your goals? Here's how to know if you need to change tactics or strategy.
The CEO of one of the largest banks in the world did not hesitate to give his opinion on .
MANDEL NGAN/Contributor/Getty Images'These are decentralized Ponzi schemes,' the CEO of & Co told a US House committee hearing on Wednesday , according to Bloomberg.
Dimon has long been a skeptic of cryptocurrencies, as he noted during the hearing.
"I'm a major skeptic of crypto tokens, which you call money, like Bitcoin," he said.
But his comments come amid another cryptocurrency crash this week, which has its own volatility and has been rocked by uncertainty in major markets. Yesterday interest rates rose for the fifth time in 2022 on a continuing backdrop, which could lead to higher rates and a recession, according to The New York Times.
As Bloomberg reported, Dimon said he thinks stablecoins — which are pegged to another financial instrument, like a currency, to try to limit its volatility — could be a positive thing if they were regulated.
Such regulation is in the works, Reuters reported.
The collapse of the Celsius network, which filed for bankruptcy in July, shed light on the problems crypto investors can face when a brilliant startup fails.
Related: 'Next Level Insult': Celsius Network CEO's Wife Sells T-Shirts That Say "Unbankrupt Yourself" in Reference to the Now Bankrupt Crypto Company's Tagline.
Individual investors in these situations are generally not a priority. However, Celsius was called a real "" in a lawsuit.
Celsius has promised users very high rates of return for leaving their cryptocurrency on its platform. It suspended all withdrawals in June.
Dimon testified alongside other top CEOs at the hearing on Wednesday and returned to the Hill on Thursday to testify before the Senate.
When her parents' restaurant burned down, this first-generation founder's brand of hot sauce rises from the ashes to take on the corporate giants
Not reaching your goals? Here's how to know if you need to change tactics or strategy.
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