24/7 Cryptocurrency News

JPMorgan Chief Continues With His Crypto Rant, Backs Stablecoins

JPMorgan chief Jamie Dimon has once again lashed out at digital assets referring to them as decentralized Ponzi scheme.
Published by
JPMorgan Chief Continues With His Crypto Rant, Backs Stablecoins

During congressional testimony on Wednesday, September 21, JPMorgan chief Jamie Dimon once again made a sharp attack on digital assets. “I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes,” he added.

This is not the first time that Jamie Dimon has been attacking crypto in strong words. Back during the 2017 bull run, Dimon also called Bitcoin a fraud, however, he later said that he regretted making those comments.

Interestingly, JPMorgan continues to offer crypto services to its institutional clients. However, Dimon still continued to believe them to be useless. Although Dimon holds strong criticism for public cryptocurrencies. He doesn’t have a similar view on stablecoin.

The JPMorgan chief said that stablecoins tied to the value of the USD or other fiat currencies won’t be problematic if backed by proper regulations. U.S. lawmakers have been working on getting stablecoin regulations in place. Earlier this week, the House of Financial Services Committee proposed legislation that would back algorithmic stablecoins like the TerraUSD.

The fall of the Terra ecosystem and its native UST stablecoin has drawn regulatory attention worldwide. The nature of the fall has made regulators uncomfortable where the peg of a stablecoin is tied to other native tokens.

JPMorgan Chief on Blockchain

America’s largest banking institution JPMorgan has a supported blockchain and so is Jamie Dimon. In fact, JPMorgan has its native crypto JPM Coin used for instant cross-border settlements across the globe. Over the last few years, the JPM coin has settled trillions of dollars in cross-border trade. As the Bloomberg report explains:

JPMorgan uses its custom blockchain and token, JPM Coin, to conduct intraday repurchase agreements, which allows other financial institutions to take out short-term loans using high-quality collateral.

In the past, Jamie Dimon had acknowledged the existence of decentralized finance (DeFi) which can potentially replace banks in the future.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B

Michael Saylor hinted that Strategy would not be making its routine Bitcoin purchase this week.…

October 5, 2025
  • 24/7 Cryptocurrency News

Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana

Crypto experts have begun to make bullish projections for Pudgy Penguins’ native token, PENGU. This…

October 5, 2025
  • 24/7 Cryptocurrency News

ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks

ASTER has announced that the roadmap for its second airdrop phase is set to begin…

October 5, 2025
  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025