Bitcoin and different cryptocurrencies have been an pointless distraction for buyers and the business is rife with scams, JPMorgan Chase CEO Jamie Dimon stated Thursday. “I believe all that is been a waste of time… Bitcoin itself has been a hyped-up fraud, a pet rock,” Dimon stated on CNBC’s ” Squawk Field .” The crypto business gave the impression to be making inroads into Wall Avenue earlier than 2022, earlier than a dramatic decline in market costs and the blow-up of a number of excessive profile companies dampened investor urge for food and raised extra questions concerning the security of the digital property. For his half, Dimon stated that he was unsurprised by the collapse of crypto change FTX late final 12 months. “I am not stunned in any respect. I referred to as it a decentralized ponzi scheme. The hype round this factor has been extraordinary,” Dimon stated, pointing to FTX and controversies surrounding different crypto companies like Tether. “It is outrageous. The regulators ought to have stopped this a very long time in the past,” he added. Dimon has been a longtime skeptic of cryptocurrencies, although his financial institution makes use of blockchain expertise internally. He stated that the expertise itself has a future even when the tradable cash don’t. “Blockchain is a expertise ledger system that we use to maneuver data. We have used it do in a single day repo, intraday repo. We use it to maneuver cash. … That may be a expertise ledger that we predict will probably be deployable,” Dimon stated. The financial institution CEO’s feedback got here on the World Financial Discussion board in Davos, Switzerland. Bitcoin was buying and selling at 20,734 on Thursday morning. The cryptocurrency has rebounded about 25% thus far this 12 months however continues to be greater than 60% under its all-time highs.