Crypto

Jamie Dimon: ‘Retirees, grandmothers, low-income people’ have been hurt by crypto

J. P. Morgan (JPM) Managing Director Jamie Dimon doesn’t mince words when it comes to his views on cryptocurrencies.

The Wall Street boss, who in September called digital tokens “decentralized Ponzi schemes” during a regulatory hearing, again reiterated his criticism of crypto assets during an interview with Fox Business Network.

“I called it a decentralized Ponzi scheme because people were just hype – hype and hype – and they’ll write tons of books about it, the money that was stolen from it, that that people knew and didn’t know,” he said when asked what lessons had been learned about crypto after the FTX collapse.

WASHINGTON, DC – SEPTEMBER 22: JPMorgan Chase CEO Jamie Dimon arrives for a Senate Banking, Housing, and Urban Affairs Committee hearing. (Photo by Drew Angerer/Getty Images)

Dimon, in the interview that aired on Tuesday, as well as in the past, differentiated his skepticism of crypto assets from his view of blockchain technology as a form of financial transaction acceleration. His bank has been working on creating its own custom blockchain and token, JPM Coinwhich aims to facilitate customer payment transfers.

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

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

Fallen Cryptocurrency Exchange Bankruptcy Is estimated to have wiped out $9 billion value of crypto investments, according to figures from blockchain analytics firm Chainalysis.

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

In a separate interview with CNBC last month, Dimon compared crypto tokens to “pet rocks.”

“It doesn’t interest me, by the way, so I hate to talk about it,” Dimon said in the interview with Fox Business on Tuesday.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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