Bitcoin and cryptos are “decentralized Ponzi schemes” according to Jamie Dimon

© Reuters. – Despite a much more positive view from some of his bank’s analysts, JP Morgan boss Jamie Dimon once again heavily criticized cryptocurrencies yesterday.

Speaking in testimony before US Congress, Dimon said, “I’m a major skeptic of crypto-tokens, which you call money, like the “, also referring to cryptocurrencies as “decentralized Ponzi schemes”. .

Stablecoins, i.e. cryptocurrencies linked to the value of other assets, most of the time the US Dollar, are not affected by these criticisms, Dimon said, but recommended appropriate regulation. .

In this regard, it will be recalled that Bloomberg revealed yesterday that American legislators are preparing a bill which would aim to ban algorithmic stablecoins, whose link with the Dollar is not guaranteed by reserves, as was the case of the TerraUSD, which was the occasion of a resounding scandal earlier this year.

According to the bill, it would be illegal to issue or create new “endogenously backed stablecoins”, and existing algorithmic stablecoins would have a 2-year time limit to change their mode of operation.

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