“Crypto is a decentralized Ponzi scheme…” says JPMorgan CEO

In a recent interview with CNBC’s “Squawk Box,” JPMorgan Chief Executive Officer (CEO) Jamie Dimon talked about Bitcoin (BTC), cryptographic scheme and blockchain. On January 19, 2023, Dimon said, “Bitcoin itself is a publicized fraud, while cryptocurrencies are a decentralized ponzi scheme… It’s a rock companion.” He finds cryptocurrencies a distraction.

Dimon said he wasn’t worried about the recession at all, but worried about bad public policy. He expects interest rates to rise above 5% as inflation remains high.

JPMorgan CEO says Blockchain is a technological ledger system used to transfer information, he added. When asked about the collapse of FTX, he said “that took us all by surprise and called it a decentralized ponzi scheme.”

Dimon reiterated his doubts about the BTC 21 million supply limit, suggesting that pseudonymous Bitcoin creator Satoshi Nakamoto could remove the cryptocurrency’s supply limit.

JPMorgan Chase & Co. is a global banking and financial services company headquartered in New York. Last week, the company released its fourth quarter 2022 results. In which it posted net income of $11 billion and earnings per share of $3.57 with a return on tangible common capital (ROTCE) of 20%. .

The JPMorgan CEO commented on the financial results that his company “delivered strong results in the fourth quarter.” It earned $11.0 billion in net income and $34.5 billion in revenue while maintaining a strong balance sheet and making all necessary investments.

Dimon concluded, “The firm is in a strong position as a market leader in US retail deposits, credit cards, business banking, payments, marketplaces, investment banking and multifamily lending. In 2022, we extended credit and raised $2.4 trillion in capital for U.S. small and large businesses, governments and consumers.”

Meanwhile, cryptocurrencies lost more than half in 2022, but are now consolidating as the price of Bitcoin (BTC) and Ethereum (ETH) continues to grow. After a year of turmoil and intense negative market sentiment, BTC has broken above the $22,000 level, projecting positive signs. The dominant rise of cryptocurrencies has driven the global cryptocurrency market to regain its $1 trillion mark.

As of press time, the global cryptocurrency market cap is $1.04 trillion, up 6.50% over the past day. The total volume of the cryptocurrency market in the last 24 hours is approximately $56.73 billion, an increase of approximately 39.31%. However, Bitcoin’s dominance is around 41.85% with an increase of 0.48% on the day.

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