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JPMorgan CEO Jamie Dimon Says Bitcoin is a “hyped-up fraud”

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Jamie Dimon
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JP Morgan Chase is one of the oldest, largest and most popular financial institutions globally. The company was founded on December 31, 2000, and is headquartered in New York. 

The Chief Executive Officer of JP Morgan Chase, Jamie Dimon, stated his beliefs on Bitcoin in an interview with media outlet CNBC noting that “Bitcoin itself is hyped-up fraud. It’s a pet rock.”

During the interview, Dimon also talked about the world’s third-largest cryptocurrency exchange, FTX, which went bankrupt in November last year.

“I’m not surprised at all. I call them a decentralized Ponzi scheme. The hype around these things has been extraordinary,” said Dimon, referring to FTX.

Dimon recapitulated his uncertainty about Bitcoin’s 21 million supply cap and suggested that the pseudonymous developer Satoshi Nakamoto could remove that limit.

“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,” he added.

JP Morgan became the first multinational bank to start its services by launching Onyx lounge in Decentraland. However, the JP Morgan boss is bullish on blockchain technology.

Dimon underlines that “crypto itself doesn’t do anything. It’s a pet rock.” “I don’t care about Bitcoin, so we should drop this subject,” Dimon added.

It is not the first time Dimon criticized Bitcoin. Earlier on October 13, 2022, at the Institute of International Finance meeting in Washington, he referred to Bitcoin as “dirty” and “expensive.”

In a conference held in October 2021, Dimon referred to Bitcoin as “worthless.” 

He went on to ask about the crypto’s lack and directed that its fixed capitalization of 21 million coins can be altered: I will only give a dare to the group to another thing: how do you know it finishes at 21 million? Do you all go through the algorithms? Do you all trust that? I am not sure, but I have often been a questioner of stuff like that. 

He noted, “I think if you borrow money to purchase Bitcoin, you are a fool then. That doesn’t mean it can not go 10x in price in the coming five years.”

It got extreme when Dimon said during a congressional hearing in September that cryptocurrencies, like Bitcoin, are “decentralized Ponzi Schemes.” 

Patrick Motorist, a verified Twitter user, targeted JP Morgan Chase CEO on his statement that Satoshi could remove the cryptocurrency supply limit.

Although several cryptocurrencies in the market had no fixed maximum supply, Bitcoin has a maximum limited supply of 21 million. 

Ethereum, Dogecoin, Solana, Shiba Inu and Filecoin are tokens whose maximum is not fixed.

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