By Carjuan Cruz
Investing.com – El is a “ponzi scheme,” a pyramid scheme that facilitates theft, money laundering and sex trafficking, said Jamie Dimon, chief executive of investment bank JPMorgan (NYSE: ) “It’s dangerous,” he confirmed. . in a hearing held yesterday before the Financial Services Committee of the United States Congress.
“These are decentralized Ponzi schemes, and the idea that it benefits anyone is unbelievable,” the executive confirmed. “I’m a big skeptic of cryptocurrency tokens that they call currency, like Bitcoin,” Dimon said.
Other bankers at the meeting were interviewed by Congressman Brad Sherman, who is also not a fan of cryptocurrencies, and several vowed not to offer funding to the sector. Among them was Jane Fraser, Executive Director Citigroup. (NYSE: ), Brian Moynihan de Bank of America (NYSE: ) and Charles Scharf de Wells Fargo (NYSE:).
JPMorgan’s CEO has always been reluctant to talk about Bitcoin, calling it a scam or “fool’s gold.” But the banker defended blockchain technology and decentralized finance (DeFi). “At JPMorgan, we are a huge user of blockchain,” he said.
“I don’t see anything wrong with a stablecoin, which is like a money market fund, properly regulated,” he clarified.
These cryptocurrencies are called “stable” because their value is tied to a stable asset like the US dollar.