Bitcoin & Crypto Markets Are Ponzi Schemes! – JP Morgan CEO


 "Everyone has different opinions, so we have to respect each other."

Jamie Dimon, the Chief Executive Officer (CEO) of JP Morgan Chase who is a strong opponent of the cryptocurrency Bitcoin (BTC) by labeling it as a "Ponzi scheme", this time gave his negative view on digital assets.

When Dimon appeared on the CNBC show Squawk Box on January 19th, he thoughtlessly went on to call BTC and the entire crypto market a scam after being asked his opinion on the digital asset.

While also stating that he was not surprised when the world's largest crypto exchange company FTX faced bankruptcy following their decentralized Ponzi scheme.

In that sequence, most low-income or elderly investors are among the individuals who are affected when they lose billions of digital assets following the FTX crisis or the crypto market continuously experiencing 'bleeding'.

However, Dimon is confident and praises the benefits he gets through blockchain and ledger technology, where he believes money transfers in the future will be more developed to provide more efficient convenience to customers.

JPMorgan reportedly has a digital asset known as JPM Coin that functions as a repurchase agreement*.

*A form of short-term loan for traders in government securities

As of this writing, the price of BTC is hovering at $21,096 in the last 24 hours while over the last week it has jumped by 14.50%.