In a rather surprising statement from the executive, JPMorgan Chase CEO Jamie Dimon recently called Bitcoin a “Ponzi scheme,” while sharing his belief that the asset has “no intrinsic value” in a CBS interview. Indeed, Dimon’s recent statements came as BTC has fallen below $90,000 in a rather surprising drop.

Dimon has long been a critic of the value of Bitcoin specifically. Although he has also reassured his belief in cryptocurrencies as a concept, he has not shared the same faith in BTC, calling the project nothing more than a “pet rock.”

Also Read: JPMorgan CEO Warns of US Economic Crisis as BRICS Power Grows

JPMorgan CEO Blasts Bitcoin, Calls BTC a “Ponzi Scheme”

It has certainly been a monumental twelve months for the cryptocurrency market. Not only has the asset class thrived, but so too has Bitcoin. Indeed, the leading crypto by market cap became the first of its kind to get an exchange-traded fund. Issued by $11 trillion asset manager BlackRock, its presence helped propel BTC to a six-figure price by November of 2024.

That impressive performance is expected to continue this year. However, some experts are still refusing to buy into its success this far. Chief among the skeptics of the token is JPMorgan CEO Jamie Dimon, who recently called Bitcoin a “Ponzi scheme,” while saying it lacked any “intrinsic value.”

JPMorgan CEO Jamie Dimon Warns of a Possible Recession Within 6 to 9 Months
Source: Chron

Also Read: Donald Trump Considers JPMorgan’s Jamie Dimon as Treasury Secretary

“We are going to have some kind of digital currency at some point. I’m not against crypto,” Dimon told CBS. “You know, Bitcoin itself has no intrinsic value. It’s used heavily by sex traffickers, money launderers, and ransomware. I just don’t feel great about Bitcoin.”

Dimon went on to say, “I applaud your ability to want to buy or sell it. Just like I think you have the right to smoke, but I don’t think you should smoke.” As the head of the world’s largest bank, those words have weight but fly in the face of Bitcoin’s success thus far.

The asset class has been growing under its presence. It reached heights of $100,000 in value, with prediction platforms projecting it to hit $120,000 by the end of January. It will certainly be interesting to see how the position JPMorgan is taking will impact them. Especially if BTC continues on its upward trajectory.

  • bitcoin
  • Jamie Dimon
  • JPMorgan