Here He Goes Again - Bitcoin is ‘Hyped-Up Fraud’ Says JPMorgan’s Jamie Dimon, But Blockchain is ‘Deployable’
Despite the ongoing challenges in the cryptocurrency market, enthusiasts of digital assets are convinced that the future is bright for the sector. Recently, the value of Bitcoin has shown signs of resurgence with a notable hike in its price over the past few weeks, following a difficult start to 2023.
But not everyone holds this same positive outlook, including the CEO of JPMorgan Chase, Jamie Dimon. At a recent World Economic Forum (WEF) interview with CNBC, he made harsh public statements on his perspective of Bitcoin and the crypto industry.
"I think all that is a waste of time, and why you guys waste any breath on it is beyond me," said Dimon in the interview on the sidelines of the WEF. Dimon. "Bitcoin itself is a hyped-up fraud. It's a pet rock."
This is not the first time that Dimon has publicly shared his skepticism towards the crypto industry. In fact, he has been vocal about his views on digital assets since 2017, when he first referred to Bitcoin as a "fraud."
After the downfall of the once second-largest crypto exchange, FTX, last year, he argued that the entire crypto industry is a "complete sideshow."
In response to Jamie Dimon's negative statements about Bitcoin, some have presented counterarguments to his claims, including CNBC anchor Joe Kernen, who challenged Dimon's assertions during the interview.
Kernen argued that Bitcoin serves as a "store of value" and is "immutable" and "scarce", citing the protocol of the cryptocurrency which limits the number of coins to 21 million.
In response, Dimon quipped, "How do you know it's going to stop at 21 million? Well, maybe it's going to get to 21 million and [bitcoin's mysterious founder] Satoshi's picture is going to come up and laugh at you all."
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