'Crypto is A Decentralized Ponzi Scheme...': says JPMorgan CEO

In a recent interview with CNBC’s “Squawk Box,” JPMorgan Chief Executive Officer (CEO), Jamie Dimon, talked about Bitcoin (BTC), crypto scheme and blockchain. On January 19th, 2023, Dimon said “Bitcoin itself is a hyped-up fraud, while crypto is a decentralized ponzi scheme… It’s a pet rock.” He finds cryptocurrencies as a distraction.

Dimon said he is not worried about recession at all but concerned about the poor public policy. He expects interest rates to go beyond 5% as inflation remains high.

JPMorgan CEO says that Blockchain is a technology ledger system that is used to transfer information, he added. While he was asked about the collapse of FTX, he said “that’s surprised us all, and called it a decentralized ponzi scheme.”

Dimon reiterated his doubt about BTC’s 21 million supply cap, suggesting that Bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit.

JPMorgan Chase & Co. is a New York-based global banking and financial service firm. Last week, the firm released its fourth-quarter 2022 results. In which it reported net income of $11 Billion and EPS of $3.57 with a return on tangible common equity (ROTCE) of 20%.

The JPMorgan CEO commented on the financial results that his firm “reported strong results in the fourth quarter.” It earned $11.0 Billion in net income and $34.5 Billion in revenue, while maintaining a fortress balance sheet and making all necessary investments.

Dimon concluded: “The Firm is in a position of strength as the market leader in U.S. retail deposits, credit cards, business banking, Payments, Markets, investment banking and multifamily lending. In 2022, we extended credit and raised $2.4 Trillion in capital for small and large businesses, governments and U.S. consumers.”

Meanwhile, crypto lost more than half in 2022 but is now consolidating with the steady growth in the price of Bitcoin (BTC) and Ethereum (ETH). After a year of turmoil and intense negative market sentiment, BTC surpassed the $22,000 level, projecting positive signals. The dominant crypto rise has led the global crypto market that regained its $1 Trillion mark.

At press time, the global crypto market cap is $1.04 Trillion with a 6.50% increase over the last day. The total crypto market volume over the last 24 hours is around $56.73 Billion with around 39.31% increase. However, the dominance of Bitcoin is around 41.85% with an increase of 0.48% over the day.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing