Why JPMorgan CEO Is Lashing Out At Crypto?

JPMorgan CEO James Dimon says cryptos are “decentralized ponzi schemes.”

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JP Morgan Chase & Co CEO James Dimon lashed out at cryptocurrencies in congressional testimony on Wednesday.

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Dimon is a known crypto cynic. He had earlier called bitcoin “a fraud.”

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However, Dimon thinks stablecoins wouldn’t be problematic with the proper regulation.

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Despite Dimon being a vocal critic of crypto, the banking giant has been focused on using blockchain for financial services.

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JPMorgan currently uses its custom blockchain and token, JPM Coin, to conduct intraday repurchase agreements.

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JPMorgan had also announced metaverse plans earlier this year.

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JPMorgan CEO had later admitted that he regrets his comments that he made about bitcoin in 2017.

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