JP Morgan boss Jamie Dimon confirms his longstanding skepticism about cryptocurrencies and likens them to useless “pet rocks”. In an interview with CNBC’s “Squawk Box”, the US banker called cryptocurrencies “a complete sideshow”.
Dimon said cryptocurrencies have also been plagued by other corruption issues such as money laundering, terrorist financing, tax evasion and sex trafficking. “Why do we allow these things to happen?” he wonders “I think the regulators who beat up the banks should maybe focus a little more on cryptocurrencies.”
In the past, Dimon had referred to digital tokens as one “decentralized Ponzi scheme“, “dangerous” and that “it is not good for anyone”. In October of last year, as bitcoin was nearing an all-time high, Dimon claimed that bitcoin was “worthless.”
Conversely, Dimon also defends the blockchain technology underlying the use of cryptocurrencies, stating that his views on cryptocurrencies “do not mean that the blockchain is not real”.