JPMorgan CEO Jamie Dimon Bashes Cryptocurrency (Again), Calls Bitcoin a Scam

Steve Jurvetson / Flickr
Voyager
Voyager

During a discussion at the Aspen Institute’s 25th Annual Summer Celebration Gala last Saturday, JPMorgan’s (JPM) CEO Jamie Dimon criticized Bitcoin by referring to the cryptocurrency as a “scam” that he has “no interest” in pursuing.

According to reports from Bloomberg, Dimon suggested that the government plans to move toward shutting down cryptocurrencies due to their inability to control them.

The sentiment was quickly echoed by the mainstream press and online publications, with Nouriel Roubini prominently continuing the discussion of Bitcoin in the pejorative. Roubini, who is known as the chairman of Roubini Macro Associates, and has a history of skepticism and distrust towards digital currency.

Dimon has previously referred to cryptocurrency as a “fraud,” which he later retracted as a regretful choice of words. Following the correction, the financial mogul told reporters he would cease discussing Bitcoin further last October.

The promise was fulfilled as of this latest incident, as Dimon had previously rejected discussing cryptocurrency in interviews with Cointelegraph and Harvard Business Review, stating “I probably shouldn’t say any more about cryptocurrency.” In the same interview, Dimon also made a point of calling blockchain technology “real,” –– while implying that crypto is not –– saying that the banking giant is “testing it [blockchain] and will use it for a whole lot of things.”

JPMorgan’s co-president Daniel Pinto has released statements detailing that cryptocurrency is viable, but not in its current form. Though, he went on to mention that executives are looking into implementing digital currency in the future.

In spite of Dimon’s statements, the firm has offered support to clients interested in trading Bitcoin futures and Amber Baldet, the former head of J.P. Morgan’s (JPM) blockchain arm, even recently predicted that big banks will begin trading actual cryptocurrency “sooner than people probably think,” despite significant legal and regulatory hurdles.

More: Jamie Dimon Warns of 5% Treasury Yields
Photo: Steve Jurvetson / Flickr
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