Crypto Tokens are Like Pet Rocks says JPMorgan’s Jamie Dimon

In an interview Tuesday on CNBC JPMorgan CEO Jamie Dimon commented on cryptocurrencies and their delusion, as he has warned a number of times. He labelled them “decentralized Ponzi schemes” back in October. A clearly annoyed Dimon with the incompetency of CNBC and their ilk when asked on Crypto, who we should remind was mocked multiple times by crypto zealots and pay for play analysts like those on CNBC responded in kind. When asked about after the FTX mega or was it, Meta? fraud and collapse, said “crypto is a complete sideshow”.

Crypto a Pet Rock?

“You guys spend too much time on it,” Dimon said in the interview. “I made my views perfectly clear about crypto tokens are like pet rocks.”

“We’re not even sure that’s a real market,” Dimon said of the cryptocurrency market on Tuesday. He added Crypto enabled “terrorism financing, tax avoidance, sex trafficking — why do we allow this stuff to take place?”

Dimon was responding to CNBC host Andrew Ross Sorkin, who recently interviewed disgraced former FTX chief Sam Bankman-Fried. Sorkin asked about Treasury Secretary Janet Yellen’s recent claim that the collapse of FTX and its associated companies was a “Lehman moment” for crypto.

“The regulators, that have beat up on banks, should focus maybe a little more on crypto,” Dimon added.

Dimon called cryptocurrencies decentralized Ponzi schemes,” during Congressional testimony earlier this year. In 2017, Dimon called bitcoin a fraud, but then last year said the world’s largest digital token is “worthless”. In true bankers’ ethical spirit JPM however offers its clients access to bitcoin.

“That doesn’t mean blockchain is not real,” Dimon said on Tuesday in the interview. “That doesn’t mean smart contracts won’t be real or Web 3.0, but cryptocurrencies that don’t do anything, I don’t understand why people spend their time.”

A point of difference that many in crypto world miss, there is a difference. You can be a crypoto sceptic and be a strong DeFi and blockchain advocate.

Source: CNBC

From The TradersCommunity News Desk