JPMorgan Chase CEO once again criticized BTC: a "Ponzi scheme" disguised as innovation

‍JPMorgan CEO Jamie Dimon reiterated his strong skepticism of BTC on April 18, calling BTC a "fraud" and a "Ponzi scheme," despite JPMorgan's participation in BlackRock's spot BTC ETF.

Dimon has criticized digital currencies many times before, and in his latest Bloomberg TV interview, he made another series of remarks, expressing doubts about the "practicality" and "legitimacy" of BTC as a form of currency.

Dimon said: "BTC and similar Crypto assets do not have monetary functions at all."

"If you think BTC is a currency, there is no hope. It is essentially a Ponzi scheme disguised as technological innovation."

Although Dimon's criticism of BTC is long-standing, JPMorgan has been an authorized participant of the BTC ETF since its launch and has been involved in multiple blockchain-based projects over the years.

Dimon acknowledged the potential of certain aspects of blockchain technology in the interview, especially those that enable smart contracts.

“In the broader crypto asset space, elements such as those that facilitate smart contracts and blockchain applications can indeed bring real value.”

Dimon’s comments come against the backdrop of volatility in the value of crypto assets, with BTC recently rebounding to around $63,000, a sharp recovery from lows but well below all-time highs.

Dimon has been vocal about his concerns about crypto assets in the past, arguing that due to their “anonymity” and “lack of regulation”, they have the potential to facilitate illegal activities such as money laundering, fraud and tax evasion.

He has previously called for stricter oversight to prevent financial crimes associated with crypto assets.

Despite Dimon's years of criticism, the Crypto asset market continues to grow, with the BTC market cap recently exceeding $1.2 trillion.  

In addition, Dimon's comments also reflect the ongoing debate in the financial community about the feasibility and security of Crypto asset investments.

Industry analysts believe that while skepticism like Dimon's is not uncommon among traditional financial leaders, the innovation and application of blockchain technology shows no signs of slowing down.

As discussions about regulatory frameworks continue, the future of Crypto assets remains a hot topic of debate in global financial markets.