Jamie Dimon mocks crypto, says it’s “pet rock”

On Thursday, JPMorgan Chase CEO Jamie Dimon expressed his dislike of cryptocurrency.

Bitcoin itself, Dimon told CNBC’s “Squawk Box,” is a “fashionable fraud.” He also called it “pet rock” during the interview.

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Asked about BlackRock and other investment firms investing in blockchain, he clarified “it’s different.”

Speaking on a recent customer call, JPMorgan CEO Jamie Dimon insisted that the increase in natural gas production in the United States was not contrary to the goal of reducing emissions. greenhouse gas emissions. REUTERS/Jeenah Moon/File Photo/Reuters Photos (REUTERS/Jeenah Moon/File Photo/Reuters Photos/Reuters Photos)

“Blockchain is a technological ledger system that we use to move information around,” he explained. “We used it to do overnight repo, intraday repo. We used it to move money.”

Dimon said blockchain is a “technology book that we believe will be deployable.”

He was “not at all surprised” by what happened to the now-collapsed FTX cryptocurrency exchange, he also told CNBC.

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FTX, once valued at $32 billion, filed for Chapter 11 bankruptcy in November. Founder Sam Bankman-Fried resigned as CEO on the day of the exchange and has since faced multiple criminal charges from the Southern District of New York and the Securities and Exchange Commission. He pleaded not guilty to them.

ftx-crypto-currencies

An FTX logo and representation of cryptocurrencies are seen through broken glass in this illustration taken December 13, 2022. REUTERS/Dado Ruvic/Illustration (Reuters/Reuters Pictures)

“I called it a decentralized Ponzi scheme,” Dimon said of FTX. “The hype around this thing has been extraordinary.”

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He said regulators “should have stopped this a long time ago”, noting that people “have lost billions of dollars”.

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A representation of cryptocurrencies in this illustration taken on January 24, 2022. (REUTERS/Dado Ruvic/Illustration/Reuters)

“Crypto itself does nothing,” he also reiterated. “It’s a pet rock.”

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