“They were grandmothers, low-income people and it was a shame”

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JPMorgan CEO Jamie Dimon doesn’t mince words when it comes to his views on cryptocurrencies.

“I called it a decentralized Ponzi scheme because people just hyped it up and hyped it up and hyped it up and they’re going to write tons of books about this, the money that was stolen, what people knew and didn’t know.” he said when asked what lessons were learned about crypto after the FTX collapse.

WASHINGTON, DC - SEPTEMBER 22: The CEO of JPMorgan Chase &  Co, Jamie Dimon, arrives for a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill September 22, 2022 in Washington, DC.  The committee held the annual supervisory hearing of the country's largest banks.  (Photo by Drew Angerer/Getty Images)

JPMorgan Chase CEO Jamie Dimon arrives for a hearing of the Senate Committee on Banking, Housing and Urban Affairs.

Dimon, in the interview broadcast on Tuesday, as in the past, differentiated his skepticism about crypto assets from his views on blockchain technology as a way to speed up financial transactions.

Your bank has been working on building its own custom blockchain and token, JPM Coin, which is intended to facilitate customer payment transfers.

Meanwhile, he said that cryptocurrencies have made people “hysterical” and that it was the government’s responsibility to protect investors.

“A lot of people have been hurt by cryptocurrency,” Dimon said. “They were retirees, grandmothers, low-income people, and it was a shame.”

The bankruptcy of the slumped cryptocurrency exchange is estimated to have wiped out $9 billion in cryptocurrency investments, according to figures from blockchain analytics firm Chainalysis.

Jamie Dimond

Jamie Dimond

“It should have been immediately put into some sort of regulatory framework so that there is some investor protection,” he said, adding that regulators were starting to come up with safeguards, but now “the barn door has been opened” for them to do so. .

In a separate interview with CNBC last month, Dimon compared crypto tokens to “pet rocks.” “By the way, I don’t have any interest in it, so I hate talking about it,” Dimon said in the interview with Fox Business.


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