Here He Goes Again – Bitcoin is ‘Hyped-Up Fraud’ States JPMorgan’s Jamie Dimon, But Blockchain is ‘Deployable’

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Regardless of the ongoing challenges within the cryptocurrency market, enthusiasts of digital assets think that the long run is vibrant for that sector. Lately, the need for Bitcoin has proven indications of resurgence having a notable hike in the cost in the last couple of days, carrying out a difficult begin to 2023.

Although not everybody holds this same positive outlook, such as the Chief executive officer of JPMorgan Chase, Jamie Dimon. In a recent World Economic Forum (WEF) interview with CNBC, he earned harsh public statements on his outlook during Bitcoin and also the crypto industry.

“I believe everything is pointless, and why everyone waste any breath onto it is beyond me,” stated Dimon within the interview around the sidelines from the WEF. Dimon. “Bitcoin is a hyped-up fraud. It is a pet rock.”

This isn’t the very first time that Dimon has openly shared his skepticism for the crypto industry. Actually, he’s verbal about his thoughts about digital assets since 2017, as he first known Bitcoin like a “fraud.”

Following the downfall from the once second-largest crypto exchange, FTX, this past year, he contended the entire crypto market is a “complete sideshow.”

As a result of Jamie Dimon’s negative statements about Bitcoin, some have presented counterarguments to his claims, including CNBC anchor Joe Kernen, who challenged Dimon’s assertions throughout the interview.

Kernen contended that Bitcoin works as a “store of worth” and it is “immutable” and “scarce”, citing the protocol from the cryptocurrency which limits the amount of coins to 21 million.

In reaction, Dimon quipped, “How can you tell it is going to visit 21 million? Well, maybe it is going to reach 21 million and [bitcoin’s mysterious founder] Satoshi’s picture will show up and laugh to you all.”

Despite these opposing views, most importantly while Dimon might not have confidence in the potential for cryptocurrencies, he recognizes the need for the blockchain technology that they’re built on.

Throughout the same interview, he mentioned that, “Blockchain is really a technology ledger system that people use to maneuver information. We have tried on the extender to complete overnight repo, intraday repo, we have tried on the extender to maneuver money, right? So this is a technology ledger that people think is going to be deployable.”

Indeed, JPMorgan continues to be purchasing blockchain technology since 2017, once the bank took part in creating a wide open-source blockchain initiative known as The Enterprise Ethereum Alliance.

The organization also uses its very own cryptocurrency, the JPM Gold coin, to complete intraday repurchase contracts. However, Dimon also pointed out that the loan industry continues to be discussing using blockchain technology for 12 years, as well as in his opinion, “hardly any continues to be done” when it comes to implementation.

Many within the crypto community required to Twitter following the interview to criticize Dimon’s view, including popular crypto figure and podcaster Peter McCormack, who authored inside a Twitter publish: “As JPMorgan Chief executive officer Jamie Dimon calls #bitcoin a ‘hyped-up fraud’ don’t forget forget that JPMorgan compensated $2.6bn for his or her role within the Madoff fraud, the biggest Ponzi Plan ever. Bernie Madoff could launder vast amounts of dollars through PMorgan.”

Others made fun of Dimon’s lack of knowledge of free code, noting it’s quite easy to understand that no shady scenarios could engage in with Bitcoin, for example greater than 21 million coins being produced.

“How can you tell it ends at 21M?” – well Jamie, the thing is it’s within the code. The code is free fully transparent … and when you desired to alter the 21M you’d need consensus otherwise it might hard fork,” one Twitter user responded.

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