Bitcoin, according to JPMorgan CEO, is "a hyped-up fraud"

Bitcoin, according to JPMorgan CEO, is "a hyped-up fraud"

Jamie Dimon, CEO of JPMorgan, calls Bitcoin a "Ponzi scheme." He claimed on Thursday on CNBC's Squawk Box that Bitcoin is just "hyped-up fraud" and that cryptocurrency is a decentralized Ponzi scheme

JPMorgan CEO Jamie Dimon has previously characterized cryptocurrencies as being worthless. According to Dimon, billions of dollars have been lost by investors, and regulators ought to have banned cryptocurrencies “a long time ago.” On Thursday, the well-known cryptocurrency skeptic once again described Bitcoin as nothing more than a “hyped-up fraud” while speaking with CNBC's “Squawk Box.” He derided the industry standard cryptocurrency asset as a “pet rock” and said discussions about BTC and other cryptocurrencies were pointless.

JPMorgan CEO Jamie Dimon
JPMorgan CEO Jamie Dimon

The CEO of JPMorgan claimed that Bitcoin is not a store of value and expressed further doubt by speculating that there may be more than 21 million bitcoins in circulation in the future.

How do you know it is going to stop at 21 million? Maybe it’s going to get to 21 million, and Satoshi’s picture is going to come up and laugh at you all. And say ta-da!”

Dimon continued by calling cryptocurrencies a decentralized version of a Ponzi scheme. He claimed on the CNBC show that digital assets' hype has been extraordinary.

You guys, you’ve all seen the analysis on Tether, the analysis on all these things – the lack of disclosures and it’s outrageous. Regulators should have stopped all these a long time ago. People have lost billions of dollars. If you look at its low-income people, in some cases retirees.”

The JPMorgan executive summarized his thoughts on the cryptocurrency market after FTX's demise by saying it “doesn't do anything.” He said to the hosts of Squawk Box, “It's a pet rock, and I don't care about Bitcoin.”

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