JPMorgan CEO Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are ‘Decentralized Ponzi Schemes’

JPMorgan CEO Jamie Dimon Tells Congress Crypto Tokens Like Bitcoin Are ‘Decentralized Ponzi Schemes’


JPMorgan Chase CEO Jamie Dimon said in a U.S. congressional hearing that crypto tokens, like bitcoin, are “decentralized Ponzi schemes.” He told lawmakers: “I’m a major skeptic on crypto tokens which you call currency.”

JPMorgan CEO Jamie Dimon Calls Crypto Ponzi Schemes

Jamie Dimon, the CEO of JPMorgan Chase & Co., shared his view about cryptocurrencies, naming bitcoin in particular, in a congressional hearing Wednesday.

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Responding to a question by Representative Josh Gottheimer (D-NJ) about the rapid development of digital assets, Dimon emphasized the importance of separating cryptocurrencies from other innovations that he said are “real,” like blockchain, decentralized finance (defi), and “tokens that do something.”

The executive opined:

I’m a major skeptic on crypto tokens which you call currency, like bitcoin. They are decentralized

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