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The CEO of JPMorgan defines Bitcoin as a fraud: no future for BTC as a currency

The CEO of JPMorgan Chase, Jamie Dimon, recently reaffirmed his negative view on Bitcoin, claiming that the cryptocurrency is a fraud and has no future as a currency.

Let’s see all the details below. 

JPMorgan: Bitcoin is a fraud 

As anticipated, Jamie Dimon, CEO of JPMorgan Chase, continues to maintain a strongly critical position towards Bitcoin.

Specifically reiterating his opinion that cryptocurrency is fundamentally a fraud. During an interview with Bloomberg, broadcasted on Wednesday, Dimon stated:

“Cryptocurrencies like Bitcoin, I have always said they are a fraud.”

When asked if there is any hope for Bitcoin or cryptocurrencies in general, Dimon was clear in his response:

“If they think they are a currency, there is no hope. It’s a Ponzi scheme.”

However, Dimon recognized the potential value of some applications of blockchain technology and cryptocurrencies, such as in the case of smart contracts.

According to the manager, cryptocurrencies can have value if they serve specific purposes, such as managing smart contracts. In such cases, he admitted, “the blockchain works”.

Despite its criticisms of Bitcoin, JPMorgan is an authorized participant for the spot Bitcoin exchange-traded fund (ETF) by Blackrock.

Dimon emphasized that, although he does not support investing in Bitcoin, he does not want to impose his opinions on others: “It’s a free country,” he stated.

Jamie Dimon has been a long-time critic of cryptocurrencies, stating that Bitcoin is not only a fraud, but is also often used for illicit activities such as sex trafficking, tax evasion, money laundering, and terrorism financing. 

During a hearing at the Senate, he even declared that, if he were the government, he would shut down cryptocurrencies.

Despite his skepticism, Dimon acknowledges that some JPMorgan clients are interested in cryptocurrencies and has supported their right to invest. 

The Swiss referendum to include Bitcoin in national reserves

A group of Swiss Bitcoin supporters, led by Yves Bennaïm, recently launched a referendum to amend the Swiss Constitution, proposing that the Swiss National Bank (SNB) include Bitcoin along with gold in its currency reserves. 

The initiative aims to modify a clause that currently requires the BNS to keep part of its reserves in gold, adding “and Bitcoin”. 

Although the change may seem minimal, it could have significant implications for Swiss tax management.

Yves Bennaïm, member of the board of the Bitcoin Association Switzerland, stated that the proposal is a strategy to protect Swiss sovereignty and neutrality in an uncertain global economic context. 

Luzius Meisser, president of the wealth management division of Bitcoin Suisse, supports the initiative. In particular highlighting the greater robustness of Bitcoin compared to investments in euros and dollars, subject to inflation. 

Furthermore, Professor Gunther Schnabl from the University of Leipzig argues that Bitcoin could represent a risk diversification for the BNS.

However, there are also criticisms regarding the volatility of Bitcoin and the regulatory uncertainties surrounding it, elements that could contradict the conservative strategies adopted by national central banks.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.