On Tuesday, JPMorgan Chase CEO Jamie Dimon compared cryptocurrencies to collecting “pet rocks” in a scathing assessment of the entire struggling market.
He believes cryptocurrency is a complete sideshow. You spend far too much time on it, and his opinion is quite clear. He compared cryptocurrency tokens to “pet rocks.”
The CEO was referring to crypto tokens as being completely useless at the moment, not that blockchain technology is worthless. Additionally, he urged regulators to focus first on cryptocurrencies rather than banks.
When examining cryptocurrency, the American public should also consider all of the buying and selling that is taking place. We are aware of $20 to $30 billion in ransomware, $20 to $30 million in exchange costs, a large amount of AML, terrorism financing, tax evasion, and sex trafficking. Why do we allow this to happen?” he questioned.
Joe Kernen, a co-host of Squawk Box, disputed Dimon’s assertion that crypto only accounts for a small portion of the crimes he mentioned, which were committed long before the invention of cryptocurrency.
Considering cryptocurrencies to be a “decentralized Ponzi scheme,” Dimon has long been critical of them.
The idea that they are good for anyone is unbelievable, Dimon told lawmakers in September, and they are decentralized Ponzi schemes.
Dimon also anticipated a potential “mild or hard recession” due to inflation.
The CEO at the time stated that those factors “may very well derail the economy and cause a mild or hard recession that people worry about.”
