JP Morgan Boss Calls Crypto ‘Ponzi Schemes’

The JP Morgan boss is clearly not a fan of the CRYPTOCURRENCIES. On Wednesday, September 21, during testimony before the US Congress, Jamie Dimon expressed his skepticism about them, not hesitating to compare them to “Ponzi schemes”, reports Bloomberg. “I’m a big skeptic of crypto tokens, which you call money, like Bitcoin. These are decentralized Ponzi schemes”, he launched precisely, while the authorities are currently working on the introduction of legislation.

In contrast, according to the CEO of JPMorgan Chase & Co, stablecoins (digital assets pegged to the value of the US dollar or other currencies) would not be a problem with proper regulation, he said, while JPMorgan is active in the block chain. In fact, the bank uses its own blockchain and custom token, JPM Coin, to enter into intraday repurchase agreements, allowing other financial institutions to obtain short-term loans with better collateral. JPMorgan was also the first Wall Street bank to jump into the metaverse last February.

This is not the first time Jamie Dimon has addressed cryptocurrencies. As Bloomberg recalls, he had already called Bitcoin a “fraud” in the past before finally retracting his comments. A few months ago, the head of JP Morgan also said that, in his opinion, cryptocurrencies (…)

(…) Click here to see more

Renault offers bonuses of more than 1,000 euros to its employees
Xavier Niel will soon launch Stancer, a new payment solution
The CAC 40 bright red, the Fed right in your boots
Forex: Yen jumps, “Japan opens hostilities against strong dollar”
Customer is a victim of credit card fraud, Revolut refuses to refund

Leave a Comment

Your email address will not be published.