JPMorgan CEO: Bitcoin is ‘a hyped-up fraud’

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  • JP Morgan CEO Jamie Dimon previously called bitcoin a “Ponzi scheme”.
  • On Thursday, he told CNBC’s Squawk Box that crypto is a decentralized Ponzi scheme and bitcoin is just a “hyped-up fraud.”
  • Dimon says people have lost billions of dollars and believes regulators should have cracked down on cryptocurrencies “a long time ago”.

Not for the first time, JP Morgan CEO Jamie Dimon has called cryptocurrencies useless.

on Thursday, during a interview With CNBC’s ‘Squawk Box,’ noted crypto skeptic referenced again Bitcoin as nothing”publicized fraud, He denounced the benchmark crypto asset as “”pet rock”, expressed his disapproval, dismissing discussions on BTC and other cryptocurrencies as a waste of time.

Dimon says crypto ‘does nothing’

Bitcoin is not a store of value according to the CEO of JP Morgan, and he showed his skepticism by suggesting that there will be more than 21 million bitcoins in the future.

,How do you know it’s going to stop at 21 million? Maybe it’s about to reach 21 million, and Satoshi’s picture is about to come out and you’ll all be laughing. and say ta-da,

Dimon also went ahead to refer to crypto as a decentralized Ponzi scheme. According to him the hype around digital assets has been extraordinary, stating on the CNBC show:

,whyOr guys, you’ve all seen the analysis on Tether, the analysis of all these things — the lack of disclosure and it’s outrageous. The regulators should have stopped all this long ago. People have lost billions of dollars. If you look at its low income people, in some cases retirees,

On what he had to say about the crypto industry following the collapse of FTX, the JP Morgan executive summed up his outlook by noting that crypto “does nothing.”

,it’s a pet rock,” he told the Squawk Box host, adding that he doesn’t care about bitcoin.

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