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JP Morgan CEO Dimon slams crypto tokens as 'decentralised Ponzi schemes'

"I'm a major skeptic on crypto tokens, which you call currency, like Bitcoin," the JPMorgan Chase & Co CEO James Dimon said

Jamie Dimon
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Photo: Bloomberg

Max Reyes | Bloomberg
Jamie Dimon didn’t mince words when a US lawmaker mentioned the executive’s history of criticizing cryptocurrencies.

“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin,” the JPMorgan Chase & Co. chief executive officer said in congressional testimony Wednesday. “They are decentralized 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 leveled against digital currencies by Dimon, who once called Bitcoin “a fraud” before eventually saying he

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First Published: Sep 22 2022 | 7:42 AM IST

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