Jamie Dimon mocks crypto, says it’s a ‘pet rock’

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.

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When questioned about BlackRock and other investment firms investing in blockchain, he clarified “that’s unique.”

Talking on a the latest consumer contact, JPMorgan CEO Jamie Dimon insisted boosting all-natural gas manufacturing in the United States was not contrary to the intention of cutting down greenhouse gas emissions. REUTERS/Jeenah Moon/File Image/Reuters Pictures (REUTERS/Jeenah Moon/File Image / Reuters Photos / Reuters Photographs)

“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.

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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.

An FTX logo and a illustration of cryptocurrencies are observed as a result of damaged glass in this illustration taken December 13, 2022. REUTERS/Dado Ruvic/Illustration (Reuters/Reuters Images)

“I identified as it a decentralized Ponzi plan,” Dimon stated of FTX. “The buzz close to this issue has been amazing.”

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He reported regulators “need to have stopped this a extended time ago,” noting people “have shed billions of pounds.”

A representations of cryptocurrencies in this illustration taken, January 24, 2022. (REUTERS/Dado Ruvic/Illustration / Reuters)

“Crypto alone does not do nearly anything,” he also reiterated. “It’s a pet rock.”