News22 September

"Cryptocurrencies are decentralized Ponzi schemes," JPMorgan CEO


JPMorgan CEO Jamie Dimon considers cryptocurrencies typical representatives of pyramids. He also equates their mechanisms of operation and expansion with Ponzi schemes.

Speaking to U.S. lawmakers, JPMorgan Chase CEO Jamie Dimon revealed himself to be a prominent skeptic about "cryptocurrencies you call currency such as bitcoin," calling them "decentralized Ponzi schemes."

A Ponzi scheme, in short, is a pyramid scheme in the usual sense. That is, when investors get money, not due to some "scrolling" of the money, but simply due to a constant inflow of new investors. And so on in a circle.

Dimon stressed that he sees value in blockchain, decentralized finance (DeFi), smart contracts, and "tokens that do something," but then criticized cryptocurrencies that identify as currencies.

During the hearing, lawmakers also asked CEOs of other leading U.S. banks if they planned to fund cryptocurrency mining. CEOs of companies such as Citigroup, Bank of America, and Wells Fargo responded that they have no plans to move in this vector.

This is the case, while China is already testing the electronic yuan, some U.S. lawmakers are very conservative about crypto. Especially the U.S. hasn't even thought about the e-dollar yet. Well, I guess.


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