Bitcoin

<div class="coinjournal">
 <ul>
  <li>Jamie Dimon, JPMorgan CEO, called Bitcoin a “Ponzi scheme.”</li>
  <li>Dimon’s criticism comes despite JPMorgan’s involvement in Bitcoin ETFs.</li>
  <li>Bitcoin’s recent price volatility highlights ongoing debates in the cryptocurrency market.</li>
 </ul>
 <p><a rel="noopener noreferrer nofollow" title="JPMorgan" href="https://thebittimes.com/tag/jpmorgan.html">JPMorgan</a> Chase CEO Jamie Dimon has once again voiced his scepticism towards Bitcoin (BTC), dubbing it a ‘Ponzi scheme’ during an interview on Bloomberg TV.</p>
 <p>During his interview, Dimon reiterated his long-standing criticism of Bitcoin, stating that it lacks utility and legitimacy as a form of money. He described Bitcoin and similar cryptocurrencies as “simply not functional as currencies,” emphasising his belief that they are essentially Ponzi schemes disguised as technological innovation.</p>
 <p>However, this is not the first time that the CEO is criticizing Bitocin. His scepticism towards Bitcoin is well-documented. He previously called Bitcoin a “fraud” and expressed concerns about its potential to facilitate illegal activities such as money laundering, fraud, and tax evasion due to its anonymity and lack of regulation.</p>
 <h2 id="jpmorgan-s-involvement-in-bitcoin-etfs">JPMorgan’s involvement in Bitcoin ETFs</h2>
 <p>It’s notable that despite Dimon’s vocal criticism of Bitcoin, <a rel="noopener noreferrer nofollow" title="JPMorgan" href="https://thebittimes.com/tag/jpmorgan.html">JPMorgan</a> has been actively involved in the cryptocurrency space.</p>
 <p>The banking giant has served as an Authorized Participant for BlackRock’s spot Bitcoin exchange-traded fund (ETF) and has participated in several blockchain-based projects over the years.</p>
 <p>Furthermore, despite Dimon’s scepticism towards Bitcoin, the CEO acknowledged the potential value of certain aspects of blockchain technology, particularly those facilitating smart contracts although&nbsp; he maintained his stance that cryptocurrencies like Bitcoin lack inherent value as currencies, echoing his previous sentiments on the matter.</p>
 <p>This juxtaposition highlights the nuanced approach within the banking giant towards cryptocurrency investments, even as its CEO expresses scepticism.</p>
 <h2 id="bitcoin-btc-price-market-reaction">Bitcoin (BTC) price market reaction</h2>
 <p>Bitcoin’s market performance has been subject to fluctuations in recent times. At the time of writing, Bitcoin price was $64,741.28, after experiencing a 4.92% increase in the last day, but it was still down 8.41% over the past seven days.</p>
 <p>Despite these fluctuations, Bitcoin’s market capitalization has recently surpassed $1.2 trillion, reflecting its continued growth and acceptance as an asset class.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpmorgan-ceo-calls-bitcoin-a-ponzi-scheme-despite-jpmorgan-s-involvement-in-bitcoin-etfs-tbt85786.html">https://thebittimes.com/jpmorgan-ceo-calls-bitcoin-a-ponzi-scheme-despite-jpmorgan-s-involvement-in-bitcoin-etfs-tbt85786.html</a></p>

JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ despite JPMorgan’s involvement in Bitcoin ETFs

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TheBitTimes

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