JPMorgan CEO: “Cryptocurrencies Are Decentralized Ponzi Schemes”

Reading Time: < 1 minute

Jamie Dimon, CEO of JP Morgan, has said that cryptocurrencies are “decentralized Ponzi schemes,” but blockchain technology has potential.

According to him:

“I am a big skeptic about the digital tokens that you call a currency, in particular Bitcoin. These are decentralized Ponzi schemes, and the notion that this is beneficial to anyone is simply incredible.”

He believes that cryptocurrencies facilitate various illegal practices such as money laundering. In his opinion, these assets pose a threat.

However, the head of JPMorgan has acknowledged that “real” technologies, such as DeFi and utility tokens, can be useful.