JPMorgan CEO Labels Bitcoin a Fraud and Ponzi Scheme

Bitcoin lacks the fundamental qualities to be considered a currency, according to JPMorgan CEO Jamie Dimon in an interview with Bloomberg.

“I have always said that bitcoin is a fraud. […]. It is […] a public decentralized Ponzi scheme,” he stated.

The executive described the first cryptocurrency as a speculative asset and those who consider it a legitimate form of money as misguided.

In the interview, Dimon acknowledged the practical applications of blockchain technology for facilitating efficient transactions and data transfer. He expressed optimism about smart contract platforms like Ethereum.

The JPMorgan CEO has consistently been a staunch critic of digital assets. In October 2021, he declared that bitcoin “is worthless,” noting the unpopularity of his opinion. Later, he referred to cryptocurrencies as “decentralized Ponzi schemes.”

In January 2024, the financier vowed never to speak about digital gold again.

Prior to this, the executive, during a meeting with US lawmakers, called for the implementation of stringent restrictions on cryptocurrencies, urging their “closure.”

Earlier, Dimon questioned the 21 million coin limit on bitcoin’s issuance.