Jamie Dimon blasts cryptocurrencies once again

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Updated October 14, 2022 | Published October 14, 2022

2 mins read

The JPMorgan CEO has been known to habitually offer his criticism on cryptocurrencies.

JPMorgan CEO Jamie Dimon has once again said that he does not support cryptocurrencies.

Dimon, who has been known to change his mind often on cryptocurrencies, not least because his company wants to attract more well-heeled cryptocurrency owners, delivered his latest criticism at an Institute for International Finance (IFF) event.

He argued that crypto was nothing than “decentralized Ponzis” but admitted that the blockchain aspect of cryptocurrencies should be preserved and further developed.

JPMorgan already has a platform that processes payments based on blockchain and called Onyx.

However, he argued that there was a lot of illicit activity in cryptocurrencies and, as such, he was not a believer in them.

“Decentralized Ponzis”, is not a new term. He has been using it for many years, most recently during a congressional testimony in September when he once again gave his professional opinion that cryptocurrencies do not have much value and are harmful to consumers and the financial system.

Nevertheless, both Binance and Crypto.com, two of the largest cryptocurrency exchanges, have been given approval to launch in France in recent weeks.

Despite the strong opposition from naysayers such as Dimon, the European Union has been able to pass a landmark piece of legislation known as MiCA which describes a course of action between all European nations on cryptocurrencies.

With the opposition mounting from the likes of Dimon, lawmakers and regulators today remain more open to regulating cryptocurrencies.

They perceive this as an important step forward as cryptocurrencies will continue to proliferate but doing so uncontrollably could have pernicious effects on mainstream finance.

According to Dimon though, regulation that is not banning cryptocurrencies only validates what he so readily describes as “decentralized Ponzis”.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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