Home Blockchain JPMorgan CEO Jamie Dimon says Bitcoin is a ‘hyped-up fraud’ and cryptocurrencies are a ‘waste of time’—however blockchain is a ‘deployable’ expertise – Yahoo Finance

JPMorgan CEO Jamie Dimon says Bitcoin is a ‘hyped-up fraud’ and cryptocurrencies are a ‘waste of time’—however blockchain is a ‘deployable’ expertise – Yahoo Finance

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Regardless of the continued Crypto Winter, Bitcoin supporters are sure that the long run for the fledgling business is bright. And up to now this yr, they’ve had purpose to have fun. Bitcoin’s value has jumped greater than 25% previously few weeks alone after a dismal 2022. However JPMorgan Chase CEO Jamie Dimon nonetheless isn’t a believer. On the World Financial Discussion board in Davos, Switzerland, on Thursday, Dimon bashed cryptocurrencies as a distraction.

“I feel all that is been a waste of time and why you guys waste any breath on it’s completely past me,” he told CNBC. “Bitcoin itself is a overvalued fraud. It’s a pet rock.”

This isn’t the primary time Dimon has expressed his doubts about cryptocurrencies—or used a “pet rock” analogy to explain digital belongings. The CEO has described Bitcoin a “fraud” since 2017; and after the blow-up of what was as soon as the world’s second largest crypto change FTX late final yr, he argued the whole business was a “full sideshow.”

CNBC anchor Joe Kernen pushed again on Dimon’s claims that Bitcoin is a fraud on Thursday, arguing the cryptocurrency is a “retailer of worth” that’s “immutable” and “scarce,” noting its protocol signifies that there’ll solely ever be 21 million cash.

“Completely unfaithful. How have you learnt it is gonna cease at 21 million? Perhaps it’ll get to 21 million and Satoshi’s image goes to return up and giggle at you all,” Dimon quipped, referencing the pseudonym Satoshi Nakamoto that was utilized by Bitcoin’s nameless creator, or creators.

However whereas Dimon doesn’t imagine in cryptocurrencies, in the case of the blockchain expertise that they are constructed on, he has a way more constructive outlook.

“That is completely different,” he stated on Thursday. “Blockchain is a expertise ledger system that we use to maneuver data. We have used it to do in a single day repo, intraday repo, we have used it to maneuver cash, proper? In order that’s a expertise ledger that we expect shall be deployable.”

Dimon and JPMorgan have leaned into blockchain expertise since 2017, when the financial institution was one in every of 86 corporations that helped create an open-source blockchain initiative referred to as The Enterprise Ethereum Alliance. And as Dimon talked about above, the corporate makes use of its personal cryptocurrency, the JPM Coin, to carry out intraday repurchase agreements. However on Thursday, Dimon famous that the monetary business has been speaking about utilizing blockchain expertise for 12 years and, thus far, he stated “little or no has been executed.”

This story was initially featured on Fortune.com

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