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JPMorgan’s CEO says crypto is just some new Ponzi scheme

JPMorgan’s CEO says crypto is just some new Ponzi scheme

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Jamie Dimon, the head of JPMorgan Chase, referred to himself as a prominent skeptic of virtual currency tokens, which users call currency, such as Bitcoin, while testifying before US lawmakers, classifying them as decentralized Ponzi schemes.

During an oversight hearing hosted by the House Financial Services Committee last Wednesday, Dimon has been asked what is keeping him from getting more involved in cryptocurrencies.

Dimon stated that he is proud of public ledgers, tokens, smart contracts, ledgers, and decentralized finance (DeFi) that accomplish something. He later criticized cryptocurrency tokens that identify as currencies.

When asked about the proposed US virtual currency bill, Dimon stated that there is nothing inappropriate about tightly controlled stablecoins and suggested that the legislation should be comparable to what money venture funds are under.

Dimon has previously characterized Bitcoin as a scam and stated that he has no personal interest in supporting the industry. He has softened his stance on the cryptocurrency at times, noting that it can work in critical use cases such as cross-border payments.

A statement that contradicts his actions

Despite Dimon’s views on virtual currency, JPMorgan has already invested in distributed ledger technology. In October 2020, the financial behemoth debuted JPM Coin, the first virtual currency backed by a US financial institution to increase settlement efficiency.

Within a week of the cryptocurrency’s launch, the bank introduced Onyx, a new business division dedicated solely to distributed ledger technology, as large asset clients have been using the Onyx framework for 24/7 payment systems.

JPMorgan became the first financial institution in the virtual world in February after launching Decentraland, a virtual living room in the metaversal world. The move includes the release of a company document that pointed to the virtual world as a $1tn opportunity.

JPMorgan is already hiring to expand its presence in the cryptocurrency and blockchain space, recently announcing on September 9 that it had hired former Microsoft executive Tahreem Kamptom as its head of transactions. Given his Linkedin profile, Kamptom is likely to help JPMorgan explore blockchain technology.

During the trial, lawmakers also questioned other top U.S. financial institution executives about their plans to finance the virtual currency recovery. Citigroup CEO Jane Fraser, Bank of America CEO Brian Moynihan and Wells Fargo CEO Charles Scharf said their companies had no plans to invest in it.

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