JPMorgan chief Dimon calls crypto a ‘decentralised Ponzi scheme’

JPMorgan chief Dimon calls crypto a ‘decentralised Ponzi scheme’

Speaking to Congress, Dimon called himself a “major skeptic on crypto tokens” and elaborated that cryptocurrency, such as Bitcoin, are “decentralised Ponzi schemes, and the notion that it is good for anybody is unbelievable.”

This is not the first instance in which the JPMorgan executive has criticised cryptocurrency, as he previously expressed his distrust in cryptocurrencies in an interview with CNBC, calling Bitcoin a “terrible store of value.” He continued that the cryptocurrency had been used frequently for “illicit purposes.”

In 2017, Dimon stated that cryptocurrency was a “fraud” that is “not a real thing, eventually it will be closed.”