JPMorgan CEO Labels Bitcoin a Fraud

Jamie Dimon, the big boss at JPMorgan Chase, is at it again, unloading a fresh salvo on Bitcoin while giving blockchain tech a big thumbs-up. In a January 19, 2023, sit-down on CNBC’s Squawk Box, the CEO didn’t hold back, calling BTC a “hyped-up phony” and a “pet rock”—his latest jab after dubbing it a “Ponzi scheme” earlier this year. Dimon’s been a Bitcoin hater for ages, and he’s not letting up.

“Why do you guys even bother with this?” he griped to the panel, before tearing into the crypto king. He’s skeptical it’s the scarce, value-holding gem its fans claim. “How do you know it’ll stop at 21 million? Maybe when it hits that, Satoshi’s face pops up and laughs at us all,” he quipped. But flip the script, and he’s all starry-eyed about blockchain and ledger tech—stuff JPMorgan’s already tinkering with and betting on for the future of cash.

“Bitcoin itself is a hyped-up fraud,” says @jpmorgan CEO Jamie Dimon. “Crypto is a decentralized Ponzi scheme…It’s a pet rock.” pic.twitter.com/9KQfckty8f

— Squawk Box (@SquawkCNBC) January 19, 2023

Dimon didn’t stop at Bitcoin. He took a swing at the whole crypto scene, saying he saw FTX’s epic flop coming a mile away. “I called it a decentralized Ponzi fraud back in the day,” he bragged, unsurprised by the exchange’s bankruptcy late last year. He even took a shot at Tether’s murky dollar backing, griping that U.S. regulators should’ve stomped on the shady stuff sooner. “Billions lost—especially by regular folks, the elderly—it’s a mess,” he said.

Funny thing is, while Dimon’s trashing Bitcoin, JPMorgan’s quietly cozying up to blockchain. They’ve got their own JPM Coin humming away for intraday repo deals, proving he’s not anti-crypto tech—just anti-BTC hype. Dimon’s stance? Bitcoin’s a dud, but the tech behind it? That’s where the real money’s at.