JPMorgan CEO Says Bitcoin is a "Fraud," Doubts Its Potential

Jamie Dimon, CEO of JPMorgan, called Bitcoin (BTC) a "fraud" and a "Ponzi scheme."

This was said in a Bloomberg interview on Wednesday, where Dimon expressed doubts about BTC's potential to ever function as a legitimate currency.

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Dimon's critical stance on Bitcoin is not new. Over the years, he has likened investing in Bitcoin to smoking a cigarette and called for governments to ban it, citing its role in facilitating illegal activities, including tax evasion, money laundering, and other crimes.

Despite the criticisms, Dimon acknowledged:

If it's a crypto coin that can do something like a smart contract, that has value. There will be smart contracts, and blockchain works — to the extent crypto is accessing certain blockchain things, yeah, that might have some value.

The JPMorgan executive's views on Bitcoin have been consistent despite its financial performance. BTC recently reached a record high of over $70,000, currently hovering around $64,000, with a market cap of approximately $1.2 trillion.

Dimon's statement came while the Bitcoin community awaits the halving event, expected in 12 hours at the time of writing, when mining rewards will be reduced in half, from 6.25 BTC to 3.125 BTC. Due to fears of profitability after the event, major Bitcoin mining companies have recently experienced a drop in stock value.