JPMorgan Chase CEO Calls Bitcoin a Hyped-Up Fraud and Pet Rock

• JPMorgan Chase CEO Jamie Dimon called bitcoin “a hyped-up fraud” and a “pet rock”.
• Dimon suggested that bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit.
• He is bullish on blockchain technology but skeptical of crypto tokens.

Jamie Dimon, CEO of global investment bank JPMorgan Chase, recently shared his views on the cryptocurrency market in an interview with CNBC. He referred to bitcoin as a “hyped-up fraud” and a “pet rock”. He was especially critical of the cryptocurrency’s limited supply cap, suggesting that it could be removed by bitcoin’s pseudonymous creator Satoshi Nakamoto.

Dimon commented on the recent collapse of cryptocurrency exchange FTX, saying: “I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around this thing has been extraordinary.” He also expressed his doubt about bitcoin’s supply cap, suggesting that bitcoin’s creator could increase it when it reaches 21 million coins. He said: “How do you know it’s going to stop at 21 million? Maybe it’s going to get to 21 million and Satoshi’s picture is going to come up and laugh at you all … and by then Satoshi would have taken out billions of dollars.”

Despite his criticism of bitcoin, Dimon remains bullish on blockchain technology. He said: “Crypto itself doesn’t do anything. It’s a pet rock.” He then stressed: “I don’t care about bitcoin so we should drop this subject.”

This is not the first time Dimon has expressed skepticism about bitcoin and other cryptocurrencies. Last December, he likened crypto tokens to pet rocks. He also said: “How do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don’t know, I’ve always been a skeptic of stuff like that.”

Given his comments, it is clear that Dimon remains skeptical of cryptocurrencies, despite their growing popularity. He believes that while blockchain technology has promise, crypto tokens are a “pet rock” and “hyped-up fraud”. He also expressed his doubt about BTC’s 21 million supply cap, suggesting that bitcoin’s pseudonymous creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit.