““Crypto is a complete bystander…you guys are spending too much time on it and I made my point perfectly clear. Crypto tokens are like pet rocks and people We are advertising this. ”
JPMorgan Chase & Company
JPM,
Chairman and CEO Jamie Dimon has been skeptical of Bitcoin and cryptocurrencies for years. In 2017, he denounced Bitcoin as: Said it was a ‘fraud’ and fired JPM employees I dabbled in cryptocurrencies.
Since then, he has maintained a skeptical outlook regardless of Bitcoin’s price, steadily generating pessimistic commentary. Even if JPM were exploring business opportunities in the crypto space. During last year’s epic cryptocurrency bull run, He denounced Bitcoin as “worthless.”
When asked about being the leader of the cryptophobes, Dimon said his Trademark bluntness: “I didn’t want to be a spokesperson against Bitcoin. I really don’t give as-t — that’s the point, right?
So, given recent events, Dimon seized the opportunity to once again denounce Bitcoin and other cryptocurrencies as “pet rocks” during an appearance on CNBC’s “Squawk Box” Tuesday morning. , has advised the American public to approach the market a bit. more fear.
The term “pet rock” was once used by market pundits to criticize gold. Dimon and others sometimes repurpose the term to denounce Bitcoin (sometimes referred to as “digital gold”) and its allies.
“I’m not even sure it’s a real market,” Dimon said of the cryptocurrency market after alluding that the price of bitcoin could be manipulated in some way.
He also denounced crypto for enabling “terrorism financing, tax evasion, sex trafficking – why allow this to happen?”
Indeed, Dimon has cautioned against criticizing cryptocurrencies, saying he still believes in the benefits of blockchain technology and “Web 3.0.”
“That doesn’t mean blockchain isn’t real. That doesn’t mean smart contracts won’t become real and Web 3.0.”
CNBC host Andrew Ross Sorkin recently interviewed infamous former FTX chief Sam Bankman-Fried, saying the bankruptcy of FTX and its affiliates is a “Lehman moment” for cryptocurrencies. Asked about Treasury Secretary Janet Yellen’s recent allegations, Dimon elicited comments.
Bitcoin
BTCUSD,
It was trading just under $17,000 per coin on Tuesday. That price peaked at over $60,000 per coin last November.
