Jamie Dimon, CEO of JPMorgan Chase Calls Bitcoin a Scam

Cryptocurrency is a Scam – JPMorgan CEO

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  • According to Jamie Dimon, the CEO of JPMorgan Chase, Bitcoin is a “scam.”
  • Jamie Dimon declares he no longer has interest in Bitcoin.

According to a news media on Sunday 5th August 2018, the CEO of JPMorgan Chase, Jamie Dimon, has returned to his initial style of criticising Bitcoin by calling Bitcoin a “scam.” He declares that he is no longer interested in the cryptocurrency.

Jamie declared this while speaking at the 25th Annual Summer Celebration Gala of Aspen Institute on Saturday 4th August. Jamie’s words soon went mainstream on press and online by notable economic figures like Nouriel Roubini, who is also famous for his Bitcoin bashing stand.

According to the news source, Jamie further “suggested [that] governments may move to shut down the currencies [cryptocurrency], because of an inability to control them.”

Jamie Dimon had presented an inconsistent disposition toward Bitcoin. Last year September, Jamie first called Bitcoin a “fraud,” however, he later appeared to change his position by stating that he “regretted” his initial choice of words. Last year October, Jamie announced that

“I wouldn’t put this high on the category of important things in the world. But I’m not going to talk about bitcoin anymore.”

In January 2018, the finance mogul maintained his promise about Bitcoin. When he was asked how he felt about Bitcoin’s moving markets despite his earlier comment that Bitcoin is a “fraud.” Jamie replied “I can’t answer” but added that as regards cryptocurrency, he is “not a skeptic”.

In a more recent interview with Jamie published in Harvard Business Review July-August issue, he refused to give a direct comment on cryptocurrency, instead, he said:

“I probably shouldn’t say any more about cryptocurrency.”

However, in the same interview, Jamie declared that the blockchain technology is “real,” – though cryptocurrency is not – and added that JPMorgan Chase is testing it [blockchain] and will use it for a whole lot of things.”

Nevertheless, there had been mixed signals from other JPMorgan Chase sources. Last May, Daniel Pinto, JPMorgan’s co-president, told CNBC that digital currencies “are real but not in the current form.” Daniel added that the bank’s executives were making similar consideration when Goldman Sachs revealed that it was planning on launching Bitcoin futures.

Will this have a negative impact on the price of bitcoin? Give us your reply in the comment box below.

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