Crypto Is a ‘Pet Rock’ and Bitcoin a ‘Hyped-Up Fraud,’ Says JPMorgan CEO Jamie Dimon

Longtime crypto skeptic JPMorgan chief executive Jamie Dimon thinks Bitcoin (BTC) is a ‘hyped-up fraud,’ comparing crypto to pet rocks.

In a new interview with CNBC, Dimon says Bitcoin and other digital assets “don’t do anything.”

Dimon, however, views the merits of blockchain technology differently than crypto assets.

“That’s different. Blockchain is a technology ledger system that we use to move information. We’ve used it to do overnight repo, intraday repo. We’ve used it to move money. So that is a ledger, that’s a technology ledger type of thing that we think will be deployable. Remember, we’ve been talking about that for 12 years too, and very little’s been done.”

JPMorgan employs a platform called Liink, which is a blockchain developed by Onyx, an arm of the banking giant. According to Onyx, Liink is focused on providing seamless data-sharing abilities between institutions.

During the CNBC interview, Dimon also questions whether Bitcoin is truly scarce and will stop at 21 million tokens.

“How do you know it’s going to stop at 21 million? I’ve mentioned this to people – everyone says that. Well, maybe it’s going to get to 21 million and Satoshi’s picture’s going to come up and laugh at you at all and say, ‘Na Na.’” 

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