‘It’s Dangerous’ – JPMorgan CEO Issues Serious Warning About Bitcoin, Ethereum and Crypto After Massive $2 Trillion Price Crash

Bitcoin, Ethereum and other major cryptocurrencies slumped following a brutal “sledgehammer” from the Federal Reserve that could trigger a crash worse than 2008.

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The price of bitcoin fell below $20,000 this month, pushed lower by a stern crypto warning from the Biden administration. Meanwhile, Ethereum price saw even steeper declines after its breakthrough upgrade triggered a surprise alert from the U.S. Securities and Exchange Commission (SEC).

Now, JPMorgan chief executive Jamie Dimon has echoed Bill Gates and Warren Buffett in calling bitcoin, ethereum and other cryptocurrencies “decentralized Ponzi schemes.”

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“I’m a major skeptic of crypto tokens, which you call currency, like bitcoin,” Dimon said during congressional testimony this week, it was reported by Bloomberg. “These are decentralized” and “dangerous” Ponzi schemes, he added.

Earlier this year, following a 2021 China crypto ban, leaders of China’s Blockchain-Based Services Network (BSN), a state-backed initiative designed to foster the commercial adoption of blockchain technology, also known as bitcoin and cryptocurrencies, a Ponzi scheme – declaring it “the greatest in the history of mankind.”

Dimon’s crypto review echoes similar comments from Microsoft
founder Bill Gates and legendary investor Warren Buffett, who have both expressed their opposition to cryptocurrencies.

Last year, the bitcoin and crypto market soared to $3 trillion from well under $1 trillion in 2020, only to fall back in 2022, throwing the fledgling crypto industry into turmoil , sending the price of some cryptocurrencies to zero and triggering renewed regulatory interest in the market.

“The idea that [bitcoin and crypto is] good for everyone is amazing,” Dimon said, highlighting the role of cryptocurrency in ransomware attacks, sex trafficking, and money laundering. Dimon called bitcoin a “fraud” in 2017 before backtracking on his comments somewhat. store of value.”

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MORE FORBESJoe Biden Just Sent A Stark Warning To Bitcoin And Crypto After A $2 Trillion Price Crash

However, Dimon also said he accepts “properly regulated” stablecoins – cryptocurrencies that are pegged to traditional currencies – as well as blockchain-based decentralized finance (DeFi) which replaces banks with algorithms. utility and declaring JPMorgan “a heavy user of blockchain.”

JPMorgan has spearheaded Wall Street’s adoption of crypto and blockchain, allowing its wealth management clients to buy bitcoin, ethereum and a handful of other cryptocurrencies, creating its own JPM blockchain and cryptocurrency and becoming the first major bank to enter the virtual metaverse earlier this year – something some believe could help popularize blockchain-based digital assets.


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