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Cryptocurrencies: 29128
Markets: 112748
Market Cap: $2,211,021,919,992     
24h Vol: $70,648,309,957
Seeking Alpha 2022-12-06 14:11:30

JPMorgan's Jamie Dimon: `Crypto is a complete sideshow'

JPMorgan's Jamie Dimon: `Crypto is a complete sideshow'
JPMorgan ( NYSE: JPM ) Chief Jamie Dimon said "crypto is a complete sideshow" in the wake of the implosion of FTX. "You guys spend too much time on it," Dimon said in an interview with CNBC . "I made my views perfectly clear about crypto tokens are like pet rocks." "The regulators, that have beat up on banks, should focus maybe a little more on crypto," Dimon added. Dimon, long known as a crypto skeptic, called cryptocurrencies "decentralized Ponzi schemes," during Congressional testimony earlier this year. Last October Dimon said he personally believed that bitcoin was worthless. "That doesn't mean blockchain is not real," Dimon said on Tuesday in the interview. "That doesn't mean smart contracts won't be real or Web 3.0, but cryptocurrencies that don't do anything, I don't understand why people spend their time." Last month Mizuho analyst Dan Dolev said he believes that crypto may be done after the recent woes for now bankrupt crypto exchange FTX.
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