Bitcoin (BTC) is a ‘decentralized pyramid scheme’ says JPMorgan CEO – Money Times

common director JPMorgan has made controversial feedback about crypto over time. (Image: Michelle Euler/Paul through REUTERS/File Photo)

O Chief Executive Officer of JPMorgan (JPM; JPMC34), Jamie Dimon, who stated that he is “a big skeptic of cryptographic tokens Bitcoin (BTC)” and known as them “decentralized pyramid schemes” in testimony earlier than Congress this week.

The government stated, “This is an understanding [tokens cripto] It’s unbelievable that it is good for anybody” and identified the use cryptocurrencies in crimes equivalent to cash laundering, intercourse trafficking and ransomware assaults.

According to Decrypt, the CEO’s testimony JPMorgan was additionally famous stablecoins, they’re backed by parity in some asset, normally {dollars}. Stablecoin reserves may be financial and tangible belongings or algorithm based mostly.

Dimon stated that a “correctly regulated” stablecoin wouldn’t be a drawback and that he sees worth. blockchaindecentralized finance (DeFi) and “indicators that do one thing”. Then the CEO added that the financial institution JPMorgan is a massive person of blockchain expertise.

The JPMorgan CEO Controversy

According to Decrypt CEO JPMorgan The cryptocurrency market has a historical past of controversial opinions.

In 2014, Dimon stated Bitcoin was a “horrible retailer of worth.” In the next years, he known as BTC a “fraud” and “idiot’s gold”.

However, the financial institution appears to have adopted a completely different path. in 2019, JPMorgan launched its steady stablecoin – JPM Coin. In addition, the corporate affords companies for the acquisition of some cryptocurrencies, equivalent to Bitcoin, ether (ETH) and ethereum traditional (and many others), to excessive-revenue clients.

Other instances CEO JPMorgan “Personally, I do not suppose bitcoin has any worth,” he stated. But in a letter to shareholders in April, Dimon wrote that decentralized finance and blockchain are actual, and that the financial institution is on the forefront of those improvements.

*With decryption info

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