Crypto Is a ‘Pet Rock’ and Bitcoin a ‘Hyped-Up Fraud,’ Says JPMorgan CEO Jamie Dimon

Crypto Is a ‘Pet Rock’ and Bitcoin a ‘Hyped-Up Fraud,’ Says JPMorgan CEO Jamie Dimon


Longtime crypto skeptic JPMorgan chief executive Jamie Dimon thinks Bitcoin (BTC) is a ‘hyped-up fraud,’ comparing crypto to pet rocks.

In a new interview with CNBC, Dimon says Bitcoin and other digital assets “don’t do anything.”

Dimon, however, views the merits of blockchain technology differently than crypto assets.

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“That’s different. Blockchain is a technology ledger system that we use to move information. We’ve used it to do overnight repo, intraday repo. We’ve used it to move money. So that is a ledger, that’s a technology ledger type of thing that we think will be deployable. Remember, we’ve been talking about that for 12 years too, and very little’s been done.”

JPMorgan employs a platform called Liink, which is a blockchain developed by Onyx, an arm

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