JPMorgan CEO calls crypto ‘decentralized Ponzi schemes’ but is OK with stablecoins

JPMorgan CEO calls crypto ‘decentralized Ponzi schemes’ but is OK with stablecoins

Jamie Dimon, chairman and CEO of the Wall Street investment bank JPMorgan, once again attacked cryptocurrencies, and more specifically Bitcoin (BTC), by telling the United States Congress that cryptocurrencies were “decentralized Ponzi schemes”. At the same time, Dimon said he accepts the added value of blockchain, decentralized finance (DeFi), “tokens that do something” and stablecoins.

JPMorgan CEO Jamie Dimon. Source: YouTube

This confirms the banker’s reputation among crypto industry watchers, many of whom see him as a proponent of wealth finance willing to go out of his way to blast cryptos. During his recent testimony before Congress, Dimon told a lawmaker that he was β€œa major skeptic of cryptos, which you call currency, like Bitcoin,” Bloomberg reported.

Last October, Jamie Dimon slammed Bitcoin, saying his personal opinion of the most popular cryptocurrency was that it was worth “nothing”. The executive, however, added that JPMorgan’s customers are “adults” and that he was ready to give them “as clean access as possible” to the currency even if his company could not yet offer BTC custody services. .

Consistent with the position he recently presented to U.S. lawmakers, the banker wrote in his April 20, 2022 letter to JPMorgan shareholders that “decentralized finance and blockchain are new and real technologies that can be publicly deployed. and private, with or without permission.

In 2020, JPMorgan ventured into the blockchain space by launching its own token, the JPM Coin, designed by the financial giant to instantly settle payments between institutional clients.

Earlier this year, the bank also disclosed its interest in metaverse, saying that “when you think about metaverse economics – or metanomy – there are opportunities in almost every area of ​​the market” and that it will provide also “a massive opportunity for the B2B sector.”

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