Are crypto tokens Ponzi schemes?

JPMorgan Chase CEO Jamie Dimon likened crypto tokens to Ponzi schemes before a U.S. House Committee Oversight hearing on Wednesday, reiterating his well-known criticism of cryptocurrencies. “I'm a major skeptic on crypto tokens, which you call currency like Bitcoin.

Does Jamie Dimon think Bitcoin is a 'decentralized Ponzi scheme'?

Jamie Dimon doubled down on his longstanding antagonism toward cryptocurrencies on Wednesday as the JPMorgan Chase CEO told lawmakers that he viewed bitcoin and other digital coins as “dangerous” — likening them to a “decentralized Ponzi scheme.”

Are crypto tokens a skeptic?

“I’m a major skeptic of crypto tokens, which you call currency, like bitcoin,” Dimon said during an appearance alongside other banking executives before the House Financial Services Committee on Wednesday. “They are decentralized Ponzi schemes, and the notion that it’s good for anybody is unbelievable,” he said.

Is Dimon a skeptic of blockchain?

However, Dimon said he is not a skeptic of blockchain technology itself or other innovations such as Decentralized finance (DeFi) and “tokens that do something” such as those used to transact money or other information when asked what were the biggest obstacles preventing JPMorgan from being more active in the crypto space.