JP Morgan Chase CEO, Jamie Dimon has referred to crypto assets as decentralized Ponzi schemes. Dimon stated this while answering questions about blockchain technology during a recent House Financial Services Committee hearing on Megabanks.
In a congressional hearing on Wednesday, when a US senator brought up the executive’s past criticism of cryptocurrency, Dimon didn’t hold back, as he declared, “I’m a huge skeptic on crypto tokens, which you term currency, like Bitcoin. These Ponzi schemes are decentralized.”
The idea that they are beneficial to anyone, in Dimon’s opinion, is absurd. Dimon slammed digital assets citing fraud and cyberattacks connected to them that costs holders billions of dollars.
With the right legislation, stablecoins — digital assets linked to the value of the US dollar or other currencies — wouldn’t pose a problem, and JPMorgan is involved in blockchain, according to Dimon.
The remarks are the most recent criticism of digital currencies by Dimon, who once branded Bitcoin “a hoax” before later apologizing for the remark.