Jamie Dimon, the CEO of JPMorgan Chase, has long been skeptical of cryptocurrencies. He has repeatedly stated that he is not a huge supporter of Bitcoin. “I’m a significant skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes.” the JPMorgan Chase & Co. chief executive officer said in congressional testimony Wednesday. Decentralized Ponzi Scheme Dimon recently referred to Bitcoin (BTC) and other cryptocurrencies as a Ponzi scheme during testimony before the House Financial Services Committee. When asked about his opinions on the proposed stablecoin legislation in the United States, Dimon responded that he thought stablecoins were fine as long as they were properly regulated and that this regulation should be similar to that which applies to money market funds. Dimon has previously stated that he has no interest in personally supporting the sector and has called BTC a “fraud.” Occasionally, he has changed his mind about cryptocurrencies, pointing out that they potentially have significant applications, such as cross-border payments. JPMorgan Actively Pursuing Blockchain Technology Despite Dimon’s opinions on cryptocurrencies, JPMorgan has been actively pursuing blockchain technology. For improved settlement efficiency, the financial behemoth introduced its internal stablecoin, JPM Coin, in October 2020. JPM Coin was the first cryptocurrency backed by a U.S. bank. The bank introduc...
