Jamie Dimon mocks crypto, says it’s a ‘pet rock’

Jamie Dimon, CEO of JPMorgan Chase, expressed his distaste for cryptocurrency on Thursday.

Bitcoin itself, Dimon told CNBC’s “Squawk Box,” is a “hyped fraud.” He also called it a “pet rock” during the interview.

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When asked about BlackRock and other investment firms investing in blockchain, he clarified “that’s different”.

If we want to solve climate change, said JPMorgan CEO Jamie Dimon, it's not against the climate [change] for America to boost oil and gas.

In a recent phone conversation with a client, Jamie Dimon, CEO of JPMorgan, emphasized that boosting natural gas production in the United States does not conflict with the goal of reducing greenhouse gas emissions. REUTERS/Jeenah Moon/File Photo/Reuters Photos (REUTERS/Jeenah Moon/File Photo / Reuters Photos / Reuters Photos)

“Blockchain is a technological ledger system that we use to move information,” he explains. “We’ve used it to do overnight repo, intraday repo. We’ve used it to move money.”

Dimon said blockchain was a “technology ledger that we think will be deployable.”

He was “not surprised at all” by what happened to the now-collapsed cryptocurrency exchange FTX, he also told CNBC.

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FTX, once valued at $32 billion, filed for Chapter 11 bankruptcy in November. Founder Sam Bankman-Fried stepped down from the CEO role the same day the exchange was filed and has since been hit with multiple criminal charges from the Southern District of New York and the Securities and Exchange Commission. He has pleaded not guilty to them.

ftx cryptocurrencies

An FTX logo and a display of cryptocurrencies can be seen through broken glass in this illustration taken on December 13, 2022. REUTERS/Dado Ruvic/Illustration (Reuters / Reuters Photos)

“I called it a decentralized Ponzi scheme,” Dimon said of FTX. “The hype around this thing was extraordinary.”

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He said regulators “should have stopped this a long time ago”, noting that people have “lost billions of dollars”.

Cryptocurrency

A representation of cryptocurrencies in this illustration, taken on January 24, 2022. (REUTERS/Dado Ruvic/Illustration/Reuters)

“Crypto itself does nothing,” he also repeated. “It’s pet rock.”

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