JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ regardless of JPMorgan’s involvement in Bitcoin ETFs

• Jamie Dimon, JPMorgan CEO, known as Bitcoin a “Ponzi scheme.”
• Dimon’s criticism comes regardless of JPMorgan’s involvement in Bitcoin ETFs.
• Bitcoin’s latest value volatility highlights ongoing debates within the cryptocurrency market.

JPMorgan Chase CEO Jamie Dimon has as soon as once more voiced his scepticism in direction of Bitcoin (BTC), dubbing it a ‘Ponzi scheme’ throughout an interview on Bloomberg TV.

Throughout his interview, Dimon reiterated his long-standing criticism of Bitcoin, stating that it lacks utility and legitimacy as a type of cash. He described Bitcoin and comparable cryptocurrencies as “merely not useful as currencies,” emphasising his perception that they’re primarily Ponzi schemes disguised as technological innovation.

Nevertheless, this isn’t the primary time that the CEO is criticizing Bitocin. His scepticism in direction of Bitcoin is well-documented. He beforehand known as Bitcoin a “fraud” and expressed issues about its potential to facilitate unlawful actions corresponding to cash laundering, fraud, and tax evasion attributable to its anonymity and lack of regulation.

JPMorgan’s involvement in Bitcoin ETFs

It’s notable that regardless of Dimon’s vocal criticism of Bitcoin, JPMorgan has been actively concerned within the cryptocurrency area.

The banking big has served as an Licensed Participant for BlackRock’s spot Bitcoin exchange-traded fund (ETF) and has participated in a number of blockchain-based initiatives through the years.

Moreover, regardless of Dimon’s scepticism in direction of Bitcoin, the CEO acknowledged the potential worth of sure features of blockchain know-how, notably these facilitating sensible contracts though  he maintained his stance that cryptocurrencies like Bitcoin lack inherent worth as currencies, echoing his earlier sentiments on the matter.

This juxtaposition highlights the nuanced method throughout the banking big in direction of cryptocurrency investments, at the same time as its CEO expresses scepticism.

Bitcoin (BTC) value market response

Bitcoin’s market efficiency has been topic to fluctuations in latest instances. On the time of writing, Bitcoin value was $64,741.28, after experiencing a 4.92% enhance within the final day, nevertheless it was nonetheless down 8.41% over the previous seven days.

Regardless of these fluctuations, Bitcoin’s market capitalization has just lately surpassed $1.2 trillion, reflecting its continued development and acceptance as an asset class.