JPMorgan CEO: This Cryptocurrency is a Scam and a Hopeless Case!

JPMorgan CEO: This Cryptocurrency is a Scam and a Hopeless Case!
JPMorgan CEO: This Cryptocurrency is a Scam and a Hopeless Case!

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JPMorgan CEO Jamie Dimon slammed the leading cryptocurrency Bitcoin. Dimon called Bitcoin a scam and compared it to a Ponzi scheme. Dimon puts Bitcoin in the crosshairs because of its anonymity. Therefore, he says, it has the potential to enable money laundering, tax evasion and terrorism. JPMorgan analysts warn of a potential Bitcoin price drop after the halving.

Heavy salvos from Jamie Dimon on the leading cryptocurrency!

JPMorgan CEO Jamie Dimon expressed his doubts about Bitcoin in an interview on Bloomberg TV. Dimon said that he does not see Bitcoin as a real currency. He also called it a scam. He noted that Bitcoin is not cryptocurrency and that the analogy with Ponzi schemes is appropriate. However, Dimon’s view is contradicted by the recent fluctuations in BTC’s price.

As you have been following on, Jamie Dimon has long been drawing attention to the illegal activities associated with Bitcoin. He claims that BTC facilitates crimes such as money laundering, tax evasion and terrorist financing. However, Dimon supports the right of investors to invest in Bitcoin. He describes it as a risky choice, like smoking cigarettes. Dimon’s view reveals a nuanced view that emphasizes protecting consumer investment choices despite personal skepticism.


Full marks to Blockchain applications from JPMorgan CEO!

Jamie Dimon does not think that areas of cryptocurrency technology other than Blockchain are promising. Dimon states that tokens that fulfill a real function, such as those used in smart contracts, can have real value. This appreciation shows his faith in the underlying Blockchain technology that fuels many cryptocurrencies and has far-reaching applications beyond just currency.

According to Jamie Dimon, the use of Blockchain in the execution of smart contracts and transaction transparency is highly beneficial. Dimon says that Blockchain has the potential to change some aspects of trade and information management. He also says it is in line with emerging developments in the financial services industry.


JPMorgan: Leader expects cryptocurrency price to fall!

According to JPMorgan analysts, the halving event has already been priced in. Therefore, the analysts predict that the Bitcoin price will fall after the halving. In a report published on Wednesday, JPMorgan analysts led by Nikolaos Panigirtzoglou reiterated their previous similar views. In this context, analysts said, “We do not expect an increase in BTC prices after halving as it is already priced in. In fact, we foresee a decline in the post-halving Bitcoin price for a variety of reasons.”

These reasons include the fact that Bitcoin is still in “overbought conditions”. The analysts also say that the cryptocurrency price is still well above JPMorgan’s volatility-adjusted gold price of $45,000. They also note that it remains above the projected post-halving production cost of $42,000. Analysts note that despite the revival in crypto, the stagnation in crypto venture capital financing so far this year could also pull down the BTC price after the halving.

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JPMorgan CEO: This Cryptocurrency is a Scam and a Hopeless Case!