© Reuters.
Investing.com – Once again, JP Morgan investment bank CEO Jamie Dimon expressed his disdain for cryptocurrencies on Thursday, specifically taking on the . He has indeed judged that the and other crypto-currencies have been an unnecessary distraction, moreover judging that the sector is riddled with scams.
Speaking on CNBC, Dimon said:
“I think it’s all been a waste of time…Bitcoin itself has been an overblown fraud, a pet rock.”
Note that these remarks echo those made by the famous economist Nouriel Roubini the day before.
The CEO also said that he was not surprised by the collapse of the FTX cryptocurrency exchange last year:
“I’m not surprised at all. I called it a decentralized ponzi scheme. The hype around this thing has been extraordinary,” Dimon said, adding:
“It’s outrageous. Regulators should have stopped this a long time ago.”
Finally, as usual, Dimon also clarified that he does not put cryptocurrencies and blockchain, their underlying technologist, in the same bag.
“Blockchain is a technological ledger system that we use to move information. We’ve used it to do overnight repo, intraday repo. We use it to move money. … It’s a technology ledger that we believe can be deployed,” Dimon said.
Finally, remember that Bitcoin is down 2.17% to $20.4750 on Thursday, after a 3-month high around $21,600 on Wednesday.