‘Bitcoin is a hyped-up fraud, it’s a pet rock’: says JP Morgan CEO Jamie Dimon

By Anushree Dave

Chairman and chief executive of JP Morgan Chase Jamie Dimon shared his thoughts about crypto and bitcoin on CNBC’s Squawk Box on Thursday morning

In an interview on Thursday morning on CNBC, billionaire Jamie Dimon, Chairman and chief executive of JP Morgan Chase, shared his thoughts regarding crypto and, more specifically, bitcoin .

“Bitcoin itself is a hyped-up fraud, it’s a pet rock,” said Dimon, adding that it’s different from blockchain technology. “Blockchain is a technology ledger system that we use to move information… we use it to move money. So that is a ledger that we think will be deployable.”

Dimon also added that he wasn’t surprised by the collapse of crypto exchange FTX into bankruptcy in November.

“I called it a decentralized ponzi scheme. The hype around this thing has been extraordinary,” he said. “Crypto itself doesn’t do anything.”

This isn’t the first time Dimon has been critical of cryptocurrencies and bitcoin. In 2021, Dimon called bitcoin ‘worthless’ in an interview with CNN. In 2017, he referred to bitcoin as a “fraud,” though later regretted his words.

The bitcoin price is $20,745.13, a change of -3.57% over the past 24 hours, according to CoinDesk data.

-Anushree Dave

(END) Dow Jones Newswires

01-21-23 1005ET

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Copyright (c) 2023 Dow Jones & Company, Inc.