The CEO of global investment bank JPMorgan has expressed his disdain for cryptocurrencies, targeting bitcoin specifically, saying that bitcoin and other cryptocurrencies were an unnecessary distraction, and explaining that the sector as a whole is riddled with scams.
Speaking to CBC, Dimon said: I think it was all a waste of time... Bitcoin itself was an overrated scam, it's a pet rock, explaining that he wasn't surprised by the collapse of cryptocurrency exchange FTX at the end of last year.
Dimon added: I'm not at all surprised that FTX collapsed, I called it a decentralized Ponzi scheme, and the hype around this thing was extraordinary, adding: It's disgraceful... Regulators should have stopped this a long time ago.
Dimon also stressed that he does not put cryptocurrencies and block chains, which are the technical basis for cryptocurrencies, in the same basket, saying: Blockchain is like a technological ledger that we use to transfer information, we used it to do buybacks at night, buybacks during the day, and we use it to move money ... It's the technology ledger that we believe can be deployed.
It should be noted that on Sunday, Bitcoin (BTC) witnessed an increase of about 1.12% at the level of $ 22895.6, while the gains of the most famous and largest digital currency in the world amounted to more than 10% within seven days.
