“BTC and Crypto Are Decentralized Ponzi Schemes”, JP Morgan Ceo Says

• Dimon says “Crypto assets are decentralized Ponzi schemes and the notion that its good for everybody is unbelievable”
• Dimon thinks that blockchain decentralized finance (DEFI) ledgers and smart contracts are of significant value.

JP Morgan Chase CEO Jamie Dimon has recently referred to crypto assets as decentralized flimflams. Speaking at a House Financial Services Committee meeting with leaders of other major banks on Wednesday  “am a major skeptic when it comes to crypto tokens which you call currency, like Bitcoin “. Dimon said this while answering questions about blockchain technology during the meeting.

They are decentralized Ponzi schemes and the notion that its good for everybody is unbelievable.

JP Morgan’s CEO has been an opponent of Bitcoin and has not been hesitant to throw shade on crypto assets. These are the latest comments by Dimon criticizing cryptocurrencies but is certainly not the first time he has lashed out at Bitcoin. He once dimmed Bitcoin as a “fraud” in 2017 and ended up regretting his actions.

Despite Dimon’s criticism of cryptocurrency, JP Morgan is actively involved in incorporating blockchain into its services. JP Morgan uses its custom blockchain and token JPM coin to re-purchase agreements allowing other financial institutions to take out loans with high-quality collateral.

Chase CEO Jamie Dimon: "I'm a major skeptic on #crypto tokens which you call currency, like #Bitcoin. They are decentralized Ponzi schemes." Ouch. What do you think? pic.twitter.com/mdxiBQG2Xt

— WallStreetPro (@wallstreetpro) September 21, 2022

JP Morgan was the first wall street Bank to ever launch its presence in the metaverse. According to Dimon, there is nothing wrong with stablecoins but he insists that they should be regulated similarly to other market funds.

Dimon has softened his view on digital assets in some occurrences and says that digital assets can be used for cross-border payments.

Maxine Waters the chairwoman of the House of Financial Services together with McHenry a ranking member has been negotiating stable coin legislation. According to the latest version of the bill, creating or issuing new stablecoins would be illegal.

The House of Financial Services submitted a proposal to introduce a two-year ban on stablecoins like Terra (USCD). Early this year the Terra ecosystem collapsed, and investors lost nearly 40billion. Dimon also thinks that blockchain decentralized finance (DEFI) ledgers and smart contracts have significant value.