The CEO of JPMorgan Chase & Co, Jamie Dimon has taken his criticisms of cryptocurrencies a notch up by calling them ponzi schemes. Dimon who is known to have a history of criticising cryptocurrencies expressed this view before the US Congress.
“I’m a major sceptic on crypto tokens, which you call currency, like bitcoin,” the JPMorgan Chase & Co CEO said in congressional testimony on Wednesday. “They are decentralised Ponzi schemes.”
Stablecoins — digital assets tied to the value of the US dollar or other currencies — wouldn’t be problematic with the proper regulation, and JPMorgan is active in blockchain, Dimon said.
The comments represent the latest criticism levelled against digital currencies by Dimon, who once called bitcoin “a fraud” before eventually saying he regretted the comments.
