In an interview on Thursday morning with CNBC that occurred through the World Financial Discussion board (WEF) in Davos, Switzerland, billionaire Jamie Dimon, chairman and chief govt of banking large JPMorgan, declared that Bitcoin is “a hyped-up fraud” and never rather more than a “pet rock.”

Dimon went on to make clear that this was completely different from blockchain expertise, which in line with him may have sure “actual” makes use of.

Dimon has been an outspoken critic of Bitcoin, having as soon as famously referred to the cryptocurrency as a “fraud.” Regardless of acknowledging the advantages of blockchain expertise, he has dismissed the biggest cryptocurrency in harsh tones, claiming that it’s a device for crimes resembling cash laundering.

Whereas not too long ago softening his stance and permitting JPMorgan prospects to entry cryptocurrencies by way of its banking service, Dimon nonetheless shouldn’t be satisfied about the way forward for Bitcoin.

In quite a few interviews, he downplayed its potential for adoption by saying that it was extra prone to stay speculative than obtain any sort of widespread utilization. In 2021, he stated that the biggest cryptocurrency was “nugatory.”

In October, Dimon described cryptos as “decentralized Ponzis” regardless of praising its underlying expertise. The JPMorgan boss complained about illicit actions in crypto.

With Dimon’s affect firmly established inside finance circles, it’s probably that skepticism surrounding cryptocurrency will persist for a while.