JPMorgan Chase CEO Jamie Dimon voiced his dislike of cryptocurrency on Thursday.
Bitcoin alone, Dimon explained to CNBC’s “Squawk Box,” is a “hyped-up fraud.” He also known as it a “pet rock” through the job interview.
JAMIE DIMON ON Debt CEILING: ‘NOT One thing WE Should BE Taking part in Close to WITH’
When questioned about BlackRock and other investment firms investing in blockchain, he clarified “that’s unique.”
“Blockchain is a know-how ledger system that we use to transfer information and facts,” he spelled out. “We have made use of it to do right away repo, intraday repo. We’ve used it to move cash.”
Dimon claimed blockchain was a “technological know-how ledger that we imagine will be deployable.”
He was “not surprised at all” by what happened to the now-collapsed cryptocurrency trade FTX, he also instructed CNBC.
FTX CRYPTOCURRENCY JUMPS A lot more THAN 35% Immediately after CEO JOHN RAY Suggests BANKRUPT CRYPTO Trade Could RESTART
FTX, as soon as valued at $32 billion, submitted for Chapter 11 individual bankruptcy in November. Founder Sam Bankman-Fried stepped down from the CEO purpose the exact day the exchange filed and has considering the fact that been hit with numerous criminal costs from the Southern District of New York and the Securities and Trade Fee. He has pleaded not responsible to them.
“I identified as it a decentralized Ponzi plan,” Dimon stated of FTX. “The buzz close to this issue has been amazing.”
BITCOIN IS ‘WORTHLESS’: JPMORGAN CEO DIMON
He reported regulators “need to have stopped this a extended time ago,” noting people “have shed billions of pounds.”
“Crypto alone does not do nearly anything,” he also reiterated. “It’s a pet rock.”
#Jamie #Dimon #mocks #crypto #pet #rock