The head of JPMorgan called cryptocurrencies “decentralized Ponzi’s schemes”

Cryptocurrencies are “decentralized Ponzi schemes”, however, blockchain technology has the potential. This was stated by the head of the JPMorgan financial conglomerate Jamie Diamon at a hearing in the Financial Service Committee of the House of Representatives of the US Congress, Business Insider reports.

“I am a big skeptic about digital tokens that you call currency, in particular bitcoin. These are Ponzi’s decentralized schemes, and the idea that it is beneficial for someone is simply incredible, ”he said.

According to Diamon, cryptocurrencies contribute to various illegal practices like laundering Skateboarder Tony money. He emphasized that these assets pose a threat.

At the same time, the head of JPMorgan admitted that “real” technologies, for example, Defi and Utility Tokens, can be useful. In particular, he stated that he would not mind the appearance of regulated stablecoin.

Diamond recalled that the financial conglomerate has its own digital token – JPM Coin. The development of the latter is the ONYX division, which is also focused on projects in the field of blockchain.

The head of JPMorgan is not the first to criticize bitcoin and other cryptocurrencies.

In October 2021, he stated that digital gold “costs nothing”, and noted the unpopularity of his opinion.

Recall that in August 2022, the head of ONYX Umar Fakaku called most cryptocurrencies “garbage”.

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