‘Cryptocurrencies, such as Bitcoin, are decentralised Ponzi scheme’

‘Cryptocurrencies, such as Bitcoin, are decentralised Ponzi scheme’

  • Bitcoin
  • September 22, 2022
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‘Cryptocurrencies, such as Bitcoin, are decentralised Ponzi scheme’

Representational image. News18

New Delhi: Cryptocurrencies, such as Bitcoin, are “decentralised Ponzi scheme”, said Jamie Dimon, JP Morgan Chase & Co. chief executive officer (CEO) as part of a congressional testimony on Wednesday.

“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin,” he was quoted by Bloomberg as having said at his testimony.

On the other hand, Dimon said that ‘stablecoins’ were better options to crypto, if better regulated, since they were tied to the value of Dollar. JP Morgan is active in blockchain, Dimon added.

The latest round of Dimon’s criticism of cryptocurrency, which has been hyped much by the likes of Elon Musk, comes after he had called Bitcoin a fraud.

According to Bloomberg, House Financial Services Committee Chairwoman Maxine Waters and Ranking Member Patrick McHenry have been toiling to reach an agreement on a legislation pertaining to stablecoin.

“Under the latest version of the bill, it would be illegal to issue or create new “endogenously collateralized stablecoins” such as those similar to TerraUSD, the algorithmic stablecoin that collapsed earlier this year,” said Bloomberg which claimed to have accessed a copy.

Though Dimon has been dead against Bitcoin, the JPMorgan uses custom blockchain and token called, JPM Coin, to conduct business.

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