June 15, 2024

Energy, MSMEs, Technology, and stock market reporter Victor Enengedi, who writes for Legit.ng, brings over ten years of experience to the table.

Jamie Dimon, JP Morgan’s top dog, doesn’t mince words when it comes to Bitcoin, dubbing it a “public distributed Ponzi scheme.

The Wall Street icon, known for his vast wealth and influence, made these statements in an interview with BloombergTV, where he also commented on an array of topics such as tech, geopolitical hazards, and market shifts.

Jamie Dimon continues to slam Bitcoin, labelling it a ‘Ponzi Scheme’ and ‘Fraud.’
Source: UGC

Warming to his theme, Dimon underlined the doubtful future of Bitcoin functioning as a legitimate currency.

In his own words:

“When it comes to cryptos like Bitcoin, my standpoint hasn’t changed – it’s a sham. There’s not a shred of hope if they choose to operate as a currency. It’s a classic Ponzi scheme.”

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However, he does concede the importance and potential applications of blockchain technology and smart contracts.

He stated that if a cryptocurrency offered something of value like smart contracts that has intrinsic worth, then there is a reason for blockchain technology to exist.

Dimon has been outspoken and persistent in his criticism of Bitcoin, likening it to smoking tobacco, discouraging its ownership as “hazardous,” and calling for its demise by government mandate.

While he sees potential in blockchain and smart contracts, his war on Bitcoin remains unwavering, often associating it with criminal activities such as terrorism financing and money laundering.

The influential banker has even gone so far as to suggest that if these nefarious uses persist, regulatory agencies should intervene and put an end to Bitcoin.

That said, shutting down Bitcoin could prove a significant hurdle given the sprawling network of over 20,000 active Bitcoin nodes.

Notwithstanding a lengthy period of decline, Bitcoin’s price saw a surge above $70,000 in March 2024 and continues to hover around $63,000, equating to a market value of roughly $1.2 trillion.


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Source: Legit.ng