Jamie Dimon calls bitcoin a ‘fraud’ and a ‘Ponzi scheme’ — and says the crypto is hopeless as a currency

Bitcoin is a scam and fails as a currency, Jamie Dimon said.

“If you mean crypto like bitcoin, I’ve always said it’s a fraud,” the JPMorgan CEO told Bloomberg TV on Wednesday.

“If they think they’re a currency, there’s no hope for it. It’s a Ponzi scheme,” he added.

However, the billionaire banker did say tokens that serve a purpose may not be worthless.

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

Source: Jamie Dimon calls bitcoin a ‘fraud’ and a ‘Ponzi scheme’ — and says the crypto is hopeless as a currency