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

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JPMorgan Chase Leader Jamie Dimon alluded to himself as a significant skeptic of virtual currency tokens that users call currency, such as Bitcoin while giving testimony before US legislators, classifying them as distributed Ponzi scams.

Throughout a supervisory listening session hosted by the House Financial Services Committee last Wednesday, Dimon has been asked what prevents him from becoming more involved in cryptocurrency.

Dimon stated that he takes pride in public ledgers, tokens, smart contracts, ledgers, and decentralized finance (DeFi) that accomplish something. Afterward, he criticized cryptocurrency tokens that are recognized as currencies.

When asked about the proposed US virtual currency bill, Dimon stated that there’s nothing improper with highly controlled stablecoins and suggested that the legislation should be comparable to what money business funds are subordinate to.

Dimon has previously characterized Bitcoin as a scam and has stated that he has no individual interest in supporting the industry. He has lightened his standpoint on cryptocurrency on occasion, pointing out that it can play critical use instances like cross-border payouts.

A statement that contradicts his actions

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

Within a week of launching the cryptocurrency, the bank introduced Onyx, a new company division devoted solely to distributed ledger technology, since large asset customers have used the Onyx framework for round-the-clock payment systems.

JPMorgan became the first financial institution in the virtual world with the February launch of its virtual sitting room in the metaverse world Decentraland. The transition involves publishing a document by the company that alluded to the virtual world as a $1T chance.

JPMorgan is already hiring new employees to expand its presence in the cryptocurrency and blockchain area, lately declaring on September 9 that it had employed the previous Microsoft manager Tahreem Kamptom as its executive transactions manager. Considering his Linkedin profile, Kamptom will likely assist JPMorgan in exploring blockchain technology.

During the trial, lawmakers also questioned other leading US financial institution CEOs about their plans to fund virtual currency extraction. Citigroup Leader Jane Fraser, Bank of America leader Brian Moynihan, and Wells Fargo leader Charles Scharf stated that their respective companies had no plans to invest in it.

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