JP Morgan CEO once again criticized BTC: a 'Ponzi scheme' disguised as innovation

‍Source: cryptoslate

Compiled by: Blockchain Knight

JPMorgan Chase CEO Jamie Dimon reiterated his strong suspicion of BTC on April 18, saying that BTC is a A "fraud" and a "Ponzi scheme," despite JPMorgan's participation in BlackRock's spot BTC ETF.

Dimon has criticized digital currencies many times. In the latest Bloomberg TV interview, he made a series of remarks about the "practicability" and "legitimacy" of BTC as a form of currency. Suspect.

Dimon said: "BTC and similar Crypto assets do not have currency functions at all."

"If you think BTC is a currency, there is no hope. It is essentially a currency. A Ponzi scheme disguised as technological innovation.”

Despite Dimon’s long-standing criticism of BTC, JP Morgan has been an authorized participant in the BTC ETF since its launch and has been participating for many years. Multiple blockchain-based projects.

Dimon acknowledged the potential of certain aspects of blockchain technology in the interview, especially those that enable smart contracts.

"In the broader field of Crypto assets, elements such as those that promote smart contracts and blockchain applications can indeed bring real value."

Dimon’s comments come against the backdrop of volatility in the value of crypto assets, with BTC recently rallying to around $63,000, a significant recovery from the lows but well below its all-time highs.

Dimon has expressed his concerns about Crypto assets in the past, arguing that due to their "anonymity" and "lack of regulation," they have the potential to facilitate illegal activities such as money laundering, fraud, and tax evasion.

He has previously called for tighter oversight to prevent financial crimes related to Crypto assets.

Despite Dimon’s years of criticism, the crypto asset market continues to grow, with BTC’s market capitalization recently surpassing $1.2 trillion.

In addition, Dimon’s comments also reflect the ongoing debate in the financial community over the viability and safety of investing in crypto assets.

Industry analysts believe that although skepticism like Dimon is not uncommon among traditional financial leaders, innovation and application of blockchain technology show no signs of slowing down.

The future of crypto assets remains a hot topic of debate in global financial markets as discussions over regulatory frameworks continue.

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