Jamie Dimon, CEO of JPMorgan Chase, has argued that getting fiscal policy “right” will influence the fate of America over the next 100 years.
JPMorgan Chase CEO Jamie Dimon expressed his dislike of cryptocurrencies on Thursday.
Bitcoin itself, Dimon said CNBC’s “Squawk Box” was a “promoted scam.” He also called it “Pet Rock” during his interview.
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“No,” he clarified when asked about BlackRock and other investment firms investing in blockchain.
![JP Morgan CEO Jamie Dimon says if you want to solve climate change, it's not against climate [change] For America to boost oil and gas.](https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/08/931/523/Jamie-Dimon.jpeg?ve=1&tl=1)
In a recent client call, JPMorgan Chief Executive Jamie Dimon argued that increasing U.S. natural gas production would not go against the company’s goal of reducing greenhouse gas emissions.Reuters/Gina Moon/File Photo/Reuters Photo (REUTERS/Jeenah Moon/File Photo/Reuters Photo/Reuters Photo)
“Blockchain is a technical ledger system that we use to move information,” he explained. “We’ve been using it to do next-day repos and intraday repos. We’ve been using it to move money around.”
Dimon said blockchain is a “legal of technology that could potentially be deployed.”
He also told CNBC that he was “not at all surprised” by what happened to the now-collapsed cryptocurrency exchange FTX.
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FTX, once valued at $32 billion, filed for Chapter 11 bankruptcy protection in November. Founder Sam Bankman-Fried resigned as CEO the same day the exchange filed and has since faced multiple criminal charges from the Southern District of New York and the Securities and Exchange Commission. He claimed innocence.
Taken on December 13, 2022, this illustration shows the FTX logo and cryptocurrency representation through broken glass. REUTERS/Dado Ruvic/Illustration (Reuters/Reuters Photo)
“I called it a decentralized Ponzi scheme,” Dimon said of FTX. “The hype around this has been extraordinary.”
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He said regulators “should have stopped this a long time ago” and people have “lost billions of dollars.”
The representation of cryptocurrencies in this diagram was taken on January 24, 2022. (REUTERS/Dado Ruvic/Illustration/Reuters)
“The crypto itself does nothing,” he repeated. “Pet Rock”
