JPMorgan’s Dimon Says Bitcoin is ‘a Fraud’ and ‘a Pet Rock

JPMorgan CEO Jamie Dimon has criticized Bitcoin as a “pet rock” and a “decentralized Ponzi scheme” in an interview on CNBC’s Squawk Box.

He also expressed his surprise at the failure and bankruptcy of FTX, calling it a “decentralized Ponzi scheme.” He also stated that regulators should have stopped this a long time ago and that people have lost billions of dollars.

Despite his criticism of Bitcoin, JPMorgan is actively involved in incorporating blockchain technology into its services, including its token, JPM Coin, and a registered cryptocurrency wallet trademark.

Dimon has a history of being skeptical of cryptocurrencies and previously called Bitcoin a “fraud.” He also questioned Bitcoin’s store of value and scarcity.