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JP Morgan CEO calls Bitcoin ‘Ponzi Scheme’ regardless of serving as Licensed Participant for BlackRock ETF

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JPMorgan Chase CEO Jamie Dimon reiterated his sturdy skepticism towards Bitcoin on April 18, calling it a “fraud” and a “Ponzi scheme” regardless of the lender’s involvement in BlackRock’s spot BTC exchange-traded fund (ETF).

Dimon, who has a historical past of critiquing the digital foreign money, made the newest feedback throughout an interview on Bloomberg TV, the place he expressed doubts about Bitcoin’s utility and legitimacy as a type of cash.

He mentioned:

“Bitcoin and comparable cryptocurrencies are merely not practical as currencies. In the event that they assume they’re a foreign money, there’s no hope for it. It’s primarily a Ponzi scheme dressed up as tech innovation.”

Regardless of the JP Morgan CEO’s long-standing criticism of Bitcoin, the lender has been serving as an Licensed Participant for BTC ETFs since their launch and has been concerned in a number of blockchain-based tasks for quite a few years.

Dimon acknowledged the potential of sure points of blockchain know-how throughout the interview, significantly those who allow good contracts. He mentioned:

“There are components throughout the broader crypto sector, akin to these facilitating good contracts and blockchain purposes, that do current actual worth.”

The veteran banker’s feedback come amid a backdrop of fluctuating crypto values, with Bitcoin having not too long ago rebounded to commerce across the $63,000 mark, considerably up from its lows however properly under its all-time excessive.

Progress regardless of criticism

Dimon has been vocal about his issues with cryptocurrencies previously, citing their potential to allow unlawful actions akin to cash laundering, fraud, and tax evasion attributable to their anonymity and lack of regulation.

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He has beforehand known as for extra stringent oversight to forestall the monetary crimes related to cryptocurrencies.

Regardless of Dimon’s vital stance through the years, the crypto market has continued to develop, with Bitcoin’s market capitalization not too long ago surpassing $1.2 trillion. His feedback mirror ongoing debates throughout the monetary group concerning the viability and security of investments in cryptocurrencies.

Business analysts counsel that whereas skepticism like Dimon’s isn’t unusual amongst conventional monetary leaders, the innovation and adoption of blockchain know-how present no indicators of slowing down. As discussions concerning the regulatory framework proceed, the way forward for cryptocurrencies stays a hotly contested subject throughout international monetary markets.

The put up JP Morgan CEO calls Bitcoin ‘Ponzi Scheme’ regardless of serving as Licensed Participant for BlackRock ETF appeared first on cryptosdailynews.

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