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Tuesday, January 31, 2023
HomeMarket UpdatesBitcoin is ‘a hyped-up fraud’

Bitcoin is ‘a hyped-up fraud’


  • JPMorgan CEO Jamie Dimon beforehand slammed Bitcoin as a “Ponzi scheme”.
  • On Thursday, he instructed CNBC’s Squawk Field that crypto is a decentralised Ponzi scheme and that Bitcoin is simply “hyped-up fraud.”
  • Dimon says individuals have misplaced billions of {dollars} and believes regulators ought to have put a cease to crypto “a very long time in the past.”

Not for the primary time, JPMorgan CEO Jamie Dimon has labelled cryptocurrencies nugatory.

On Thursday, throughout an interview with CNBC’s ‘Squawk Field,’ the famous crypto sceptic once more referred to Bitcoin as nothing however a “hyped-up fraud.” He condemned the benchmark crypto asset as a “pet rock”, expressing his disapproval by dismissing discussions over BTC and different cryptocurrencies as waste of time.

Dimon says crypto ‘doesn’t do something’

In keeping with the JPMorgan CEO Bitcoin is just not a retailer of worth, and he confirmed his scepticism additional by suggesting that there may very well be greater than 21 million bitcoins sooner or later.

How have you learnt it will cease at 21 million? Perhaps it’s going to get to 21 million, and Satoshi’s image goes to come back up and giggle at you all. And say ta-da!”

Dimon additionally went forward to discuss with crypto as a decentralised Ponzi scheme. In keeping with him the hype round digital belongings has been extraordinary, stating on the CNBC present:

You guys, you’ve all seen the evaluation on Tether, the evaluation on all this stuff – the dearth of disclosures and it’s outrageous. Regulators ought to have stopped all these a very long time in the past. Folks have misplaced billions of {dollars}. Should you have a look at its low-income individuals, in some circumstances retirees.”

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On what he needed to say in regards to the crypto trade following the collapse of FTX, the JPMorgan exec summed up his outlook by noting that crypto “doesn’t do something.”

It’s a pet rock,” he instructed the Squawk Field hosts, including that he doesn’t care about Bitcoin. 

BitcoinMasterNews

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