“Bitcoin, a decentralized Ponzi”: the boss of JP Morgan strongly annoyed by cryptocurrencies

When it doesn’t want, it doesn’t want – Jamie Dimon persists and signs: he is an incorrigible detractor from the invention of Satoshi Nakamoto. As early as 2017, he already qualified Bitcoin (BTC) of “fraud”. Although his bank, the JP Morgan & Chasefully exploits the blockchain technology inherited from Bitcoin, the CEO continues to insult the king of cryptos, likening him to a Ponzi.

Jamie Dimon still considers Bitcoin a scam

What’s going on in the head of Jamie DimonCEO of the mega-bank JP Morgan ? Last April, one would have thought that he had mellowedby realizing the benefits that the decentralized finance (DeFi) and blockchain technologyboth brought by cryptocurrencies.

In a recent statement, Jamie Dimon still has bitcoin went down in flames and decentralized cryptos. harping all the clichés about hacks, money laundering and other criminal activities allegedly related to cryptos, the JP Morgan executive says:

“I’m a huge skeptic of cryptocurrencies that you call currencies, like Bitcoin. These are decentralized Ponzi schemes. (…) They are dangerous (…) and the idea that they would be good for anyone is incredible. »

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JP Morgan: enemy of decentralized cryptos, but admirer of their technologies

Obviously, Jamie Dimon prefers cryptos and blockchains well centralized and obedientas JPM Coin of its own bank for example… And besides, the stablecoins also find grace in his eyes.

Stablecoins yes, but “properly regulated” and framed, at the service of banks. To the point that they won’t have nothing more to see with decentralized stablecoins, like the DAI from MakerDao for example.

If the banker confirms that “at JP Morgan, we are big users of the blockchain”so it should be understood that the distributed ledgers in question must be fully lockable and censorable by the banks that run them. On their own initiative, or by order of a “nice” government.

When we see that one of these “nice” governments, supposed to be democratic like the Canadacan decide to freezing the bank accounts of his opponents from one day to the next (case of the demonstrators of Freedom Convoy in February 2022): these cryptos on a leash do gives me shivers. Afterwards, some may think that a multinational banking company like JP Morgan wants them well. It takes everything to make a world.

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