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January 20, 2023

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

By Conor Devitt

Longtime crypto skeptic JPMorgan chief executive Jamie Dimon thinks Bitcoin (BTC) is a ‘hyped-up fraud,’ comparing crypto to pet rocks.

In a new interview with CNBC, Dimon says Bitcoin and other digital assets “don’t do anything.”

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Dimon, however, views the merits of blockchain technology differently than crypto assets.

“That’s different. Blockchain is a technology ledger system that we use to move information. We’ve used it to do overnight repo, intraday repo. We’ve used it to move money. So that is a ledger, that’s a technology ledger type of thing that we think will be deployable. Remember, we’ve been talking about that for 12 years too, and very little’s been done.”

JPMorgan employs a platform called Liink, which is a blockchain developed by Onyx, an arm of the banking giant. According to Onyx, Liink is focused on providing seamless data-sharing abilities between institutions.

During the CNBC interview, Dimon also questions whether Bitcoin is truly scarce and will stop at 21 million tokens.

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“How do you know it’s going to stop at 21 million? I’ve mentioned this to people – everyone says that. Well, maybe it’s going to get to 21 million and Satoshi’s picture’s going to come up and laugh at you at all and say, ‘Na Na.'” 

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