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Jamie Dimon Calls Crypto Tokens 'Decentralized Ponzi Schemes'

Yahoo! Finance

JPMorgan Chase CEO Jamie Dimon likened crypto tokens to Ponzi schemes before a U.S. House Committee Oversight hearing on Wednesday, reiterating his well-known criticism of cryptocurrencies.

“I’m a major skeptic on crypto tokens, which you call currency like Bitcoin. They are decentralized Ponzi schemes,” he said, pointing to the billions of dollars lost each year through crypto-related hacks and how cryptocurrencies are used in crimes such as ransomware payments, money laundering, and sex-trafficking.

“And the notion that it is good for anybody is unbelievable,” Dimon added.

However, Dimon said he is not a skeptic of blockchain technology itself or other innovations such as Decentralized finance (DeFi) and “tokens that do something” such as those used to transact money or other information when asked what were the biggest obstacles preventing JPMorgan from being more active in the crypto space.