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Bitcoin

JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ despite JPMorgan’s involvement in Bitcoin ETFs

By: bigbull

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  • JPMorgan CEO Jamie Dimon called Bitcoin a “Ponzi scheme.”
  • Dimon’s criticism comes despite JPMorgan’s involvement in a Bitcoin ETF.
  • Bitcoin’s recent price volatility highlights the ongoing debate in the cryptocurrency market.

JPMorgan Chase CEO Jamie Dimon has once again expressed his skepticism Bitcoin (BTC)It was termed a ‘Ponzi scheme’ during a Interview on Bloomberg TV,

During his interview, Dimon reiterated his long-standing criticism of Bitcoin, saying that it lacks utility and legitimacy as money. He described Bitcoin and similar cryptocurrencies as “not functional as currencies”, emphasizing his belief that they are essentially Ponzi schemes disguised as technological innovation.

However, this is not the first time that the CEO is criticizing Bitcoin. His skepticism toward Bitcoin is well documented. He has previously called Bitcoin a “fraud” and expressed concerns about its potential to facilitate illegal activities such as money laundering, fraud, and tax evasion due to its anonymity and lack of regulation.

JPMorgan Involvement in Bitcoin ETF

It is noteworthy that despite Dimon’s vocal criticism of Bitcoin, JPMorgan has been actively involved in the cryptocurrency sector.

The banking giant has served as the authorized partner for BlackRock’s spot Bitcoin exchange-traded fund (ETF) and has participated in several blockchain-based projects over the past few years.

Additionally, despite Dimon’s skepticism toward Bitcoin, the CEO acknowledged the potential value of some aspects of blockchain technology, particularly those facilitating smart contracts, though he maintained his stance that cryptocurrencies like Bitcoin have no potential to be used as currencies. The form lacks inherent value, reflecting his previous feelings on the matter.

The comparison highlights the banking giant’s nuanced approach toward cryptocurrency investments, even though its CEO has expressed skepticism.

Bitcoin (BTC) Price Market Reaction

Bitcoin’s market performance has been subject to fluctuations in recent times. At the time of writing, bitcoin price It was $64,741.28 after rising 4.92% the previous day, but it was still down 8.41% over the past seven days.

Despite these ups and downs, Bitcoin’s market capitalization recently exceeded $1.2 trillion, reflecting its continued growth and acceptance as an asset class.

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