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Crypto Is a ‘Pet Rock’ and Bitcoin a ‘Hyped-Up Fraud,’ Says JPMorgan CEO Jamie Dimon

JPMorgan CEO Jamie Dimon, a long-time crypto critic, believes Bitcoin (BTC) is a “hyped-up hoax,” equating crypto to pet pebbles.

Dimon believes Bitcoin and other digital assets “don’t do anything” in a recent interview with CNBC.

Dimon, on the other hand, sees blockchain technology as having different virtues than crypto assets.

“That’s unusual. Blockchain is a distributed ledger technology that we utilise to transport information. We used it for overnight and intraday repo. We’ve utilised it to transfer money. So that is a ledger, a technological ledger, that we believe will be deployable. Remember, we’ve been talking about it for 12 years, and very little has changed.”

JPMorgan leverages Liink, a blockchain technology developed by Onyx, a subsidiary of the financial giant. According to Onyx, Liink’s primary goal is to enable frictionless data sharing between institutions.

During the CNBC interview, Dimon also challenges whether Bitcoin is genuinely scarce and whether the supply would be limited to 21 million coins.

“How do you know it will end at 21 million? I’ve mentioned it to others; everyone says it. Perhaps it will reach 21 million and Satoshi’s image will appear, laughing at you and saying, ‘Na Na.'”

 

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