JPMorgan CEO Jamie Dimon says that Bitcoin is a ‘hyped-up fraud’ and cryptocurrencies are a ‘waste of time'—but blockchain is a 'deployable' technology (2024)

FAQs

What did Jamie Dimon say about Bitcoin? ›

“I will personally never buy Bitcoin and I do think it's a risk if you are a buyer. When governments look at all this stuff, why do they put up with it?” Dimon also repeated his criticism that a lot of the practical uses for cryptocurrency were illegal activity like fraud and terrorism.

Jamie Dimon doesn't care if Bitcoin hit a record high, but will defend people's right to buy it like he'll defend your right to smoke a cigarette. JPMorgan Chase chairman and CEO Jamie Dimon said the Bitcoin frenzy may be a sign of an unsteady market.

During a recent interview with Bloomberg, Jamie Dimon, the CEO of JP Morgan, reiterated his long-held belief that Bitcoin is a “public decentralized Ponzi scheme." Dimon expressed his skepticism about Bitcoin's potential as a currency, stating that he has always maintained his view that it lacks prospects in that ...

JPMorgan was named explicitly by BlackRock as one of its authorized participants for the iShares Bitcoin Trust. The BlackRock ETF is leading the pack of new Bitcoin ETFs, reaching $1.8 billion in assets within two weeks of launching the fund.

The bank chief said in 2021 at peak crypto valuations that bitcoin was “worthless,” and he doubled down on that sentiment last year in Davos, Switzerland, when he told CNBC that the digital currency was a “hyped-up fraud.”

“Unlike stocks and bonds, most crypto assets lack intrinsic economic value and generate no cash flows. That line of thinking was similar to Dimon's, who in his CNBC interview raised repeated concerns over Bitcoin's ultimate function—aside from, as he said, aiding and abetting crime.

JPMorgan CEO Jamie Dimon blasted bitcoin as worthless and said it enables criminal activities. The billionaire banker said a recession is still possible and could happen this year. Household finances, government debt, and foreign conflicts could all weigh on growth, he said.

The bitcoin production cost influences its price, with the analysts predicting it to be around $42,000 post halving.

Sam Bankman-Fried, the former billionaire crypto boss who was convicted of fraud and money laundering last year, will return to court in New York on Thursday to be sentenced for his crimes.

NEW YORK (AP) — Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud on hundreds of thousands of customers that unraveled with the collapse of FTX, once one of the world's most popular platforms for exchanging digital currency.

Who is controlling crypto? ›

Cryptocurrencies are usually not issued or controlled by any government or other central authority. They're managed by peer-to-peer networks of computers running free, open-source software. Generally, anyone who wants to participate is able to. If a bank or government isn't involved, how is crypto secure?

By the end of 2030, the predicted Ethereum price could soar to a peak of $26,575.21. The current price of 1 Ethereum is $ 3,090.02904995.

Ramsey is clear about avoiding crypto and not getting tempted by the buzz. “Crypto is not a safe investment. You could lose your shirt (and pants) messing around with crypto. Steer clear …

Perhaps the most famous value investor of all time, Warren Buffett is strongly against Bitcoin and other cryptocurrencies, saying, "You can't value Bitcoin because it's not a value-producing asset." Buffett and his holding company Berkshire Hathaway Inc. have been well-known for their investments in stable and ...

Asserting his stance further, Rogers predicted the eventual demise of Bitcoin, stating, "Bitcoin will disappear and go to zero someday." He contrasted this with the enduring value of commodities like sugar, saying, "The value of sugar is not going to disappear and go to zero someday."

Goldman Sachs stands firm on its belief that cryptocurrencies have no value. The chief investment officer of the banks Wealth Management unit, Sharmin Mossavar-Rahmani, says clients have not voiced interest in exposure to the asset class, even after the latest surge in prices.