JPMorgan CEO Jamie Dimon has once again sparked controversy by referring to Bitcoin as a "Ponzi Scheme"

Jamie Dimon, CEO of JPMorgan, recently launched a fierce attack on BTC again on CBS News' "Sunday Morning" program, calling it a "Ponzi Scheme" and comparing its utility to a "Pet Rock." Dimon's criticism focuses on BTC's lack of Intrinsic Value and its association with illegal activities such as Money Laundering and malware.

Damon's consistent skepticism of BTC

Damon's dissatisfaction with BTC has been long-standing. Although he acknowledges the potential of blockchain and cryptocurrency in financial innovation, he has repeatedly asserted that BTC itself is a "waste of time and money".

He said: I just think BTC is not good. I appreciate your ability to buy or sell it. Just like I think you have the right to smoke, but I don't think you should smoke!

His contradictory remarks often attract attention. For example, in April 2024, he once again stated that BTC is a Ponzi Scheme, believing that it lacks the characteristics of a viable currency. However, he also acknowledged that cryptocurrencies with practical applications (such as those that support smart contracts) may have some intrinsic value.

Over the years, Damon's attitude has changed multiple times. As early as 2018, he even apologized for previously calling BTC a scam, which was in stark contrast to his usual strong criticism. This flip-flopping attitude has left many observers confused about his true stance in the cryptocurrency market.

Actions speak louder than words

Some of Damon's actions have also sparked controversy. He once said that if he found any JPMorgan employees trading BTC, he would 'fire them immediately'. At the time of his remarks, the price of BTC was only $4,000, far below its subsequent historic high.

However, despite Damon's public statements, JPMorgan has quietly adopted certain elements of the cryptocurrency ecosystem, further highlighting the complex relationship between Damon and BTC.

JPMorgan's Contradictory Attitude Towards Cryptocurrency

Although Damon continues to criticize BTC, JPMorgan has taken a more pragmatic stance on blockchain technology and cryptocurrencies. The bank offers BTC-related products to specific clients and actively explores blockchain applications, which is in stark contrast to the CEO's remarks.

The double standard behavior has sparked criticism from the outside world. John Deaton, founder of CryptoLawsUS, pointed out Damon's double standard. 'As usual, Jamie Dimon says one thing, but his bank does another.' Deaton said that although Dimon has made sharp remarks, JPMorgan has long been involved in BTC-related activities.

Deaton also pointed out that BTC transactions related to illegal activities account for less than 1% of its total usage, which contradicts Damon's description. In addition, JPMorgan's own regulatory record has been controversial, and it has been fined over $40 billion for various violations over the years.

Irony investment in BTC

Ironically, JPMorgan holds 387 shares of the BTC exchange-traded fund (ETF) launched by BlackRock, as well as 775 shares of the Grayscale Bitcoin Trust. These investments indicate that despite Dimon's mockery of BTC, JPMorgan still shows some institutional interest in BTC.

This article has caused controversy again as Jamie Dimon, CEO of JPMorgan Chase, referred to BTC as a 'Ponzi Scheme'. The original article was first published on ChainNews ABMedia.