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JPMorgan CEO Slams Crypto Again, Calling Bitcoin “Decentralized Ponzi Scheme” Cryptocurrency News

                                                            Jamie Dimon – Chief Executive Officer von JPMorgan Chase & Co. – bekräftigte seine negative Haltung gegenüber der Cryptoindustrie und beschrieb Bitcoin und andere digitale Assets als „dezentralisierte Schneeballsysteme“.

Despite the CEO’s point of view, the multinational investment bank offers its clients some crypto services. Recently it has promised to continue offering such options, despite the bear market somewhat lessened investor excitement in this area.

Jamie Dimon strikes again

JPMorgan’s top executive is known as one of the biggest critics of the cryptocurrency sector, especially Bitcoin. Over the years he has labeled the asset “worthless” and has warned investors to stay away from it.

In a recent Looksthe 66-year-old banker doubled down on his negative stance, naming her and others cryptocurrencies “decentralized Ponzi schemes”:

“I’m a huge skeptic about crypto tokens you call currency like bitcoin. They are decentralized Ponzi schemes.”
JPMorgan CEO Slams Crypto Again, Calling Bitcoin “Decentralized Ponzi Scheme” Cryptocurrency News, Crypto Trading NewsJamie Dimon, CNBC
During his bashing fest, he went even further, arguing that criminals are using digital currencies for illegal operations, including money laundering and sex trafficking.

Although there have been many similar allegations by prominent figures, particularly in the banking sector, the evidence still points in a different direction. Several banks will sanctioned for involvement in money laundering on a large scale while the Blockchain-Technology behind every crypto asset, including Bitcoin, is completely transparent and allows anyone with access to the internet to track them.

Cash remains the most common means by which criminals conduct drug deals and other affairs. some studies estimate that between 34% and 39% of all cash in circulation is used for such activities.

Despite Dimon’s negative opinion of Bitcoin, he is not such a critic of blockchain technology and stablecoins. In his view, these could bring benefits to the financial system, provided comprehensive regulations are applied.

A few months ago the Executive praised Blockchain and decentralized finance, saying these technologies are “real” and could be “deployed both publicly and privately, authorized or not.”

JPMorgan’s crypto approach

Last year the giant of Wall Street granted its wealth management clients access to six cryptocurrency funds. Four are from Grayscale Investments and one is owned by Osprey Funds. The sixth is a Bitcoin fund developed by technology and financial services company New York Digital Investment Group (NYDIG).

In early 2022, JPMorgan outlined a fairly optimistic forecast for the Metaverse, predict The sector could become a trillion dollar market in the coming years.

Earlier this month, the banking giant released a vacancy to hire a specialist to lead the company’s Web 3 and Metaverse efforts.

Then JPMorgan sketched that customers have drastically reduced their interest in digital asset services of late due to the ongoing crypto winter. However, the company promised to continue providing such options to those willing to look into the matter.

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Source: Crypto News Deutsch

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