JPMorgan CEO: Bitcoin Is a Scam (But We’re Testing Blockchain)

It probably wouldn’t shock anybody with the slightest knowledge of crypto to discover that traditional banks – which rely on a centralized and controlled currency – don’t particularly like cryptocurrencies, which are inherently decentralized and not under the control of a single entity. And predictably, every once in a while, another top banker vilifies cryptocurrencies.

This time it was (again) Jamie Dimon, the CEO of JPMorgan Chase, one of the biggest and most powerful banks in the world. In an interview with Bloomberg, Dimon just couldn’t help himself (again) and attacked Bitcoin, referring to it as a scam (yes, again).

The JPMorgan CEO reiterated comments made last year on Bitcoin, calling cryptocurrencies a “scam” and saying he had “no interest” in the world’s largest digital currency.

We’ll get to the alleged “no interest” part soon enough, but one must wonder why oh why Mr. Dimon is so hatefully passionate about Bitcoin – and the answer just might lay in the next sentence…

He suggested governments may move to shut down the currencies, because of an inability to control them.

… And here it is. Governments and major financial institutions (like JPMorgan Chase) can’t control cryptocurrencies such as Bitcoin, so Dimon urges to terminate them; crypto might thwart the indescribable amount of money that banks rake in, and therefore he believes that it needs to be eliminated. Strong logic.

This is hardly the first time that Dimon attacks Bitcoin. Back in September 2017, he called Bitcoin “a fraud” and threatened to fire any JPMorgan’s employee who would invest in the digital currency; and in October 2017, he professed that people who invest in Bitcoin are stupid. Hence, you would assume that he’s utterly anti-crypto – but is he really?

It appears that Dimon might be wholly against crypto, but not against blockchain technology, in spite of the petty fact that blockchain is an integral part of crypto. In an interview in the July-August 2018 edition of Harvard Business Review, Dimon stated the following:

I probably shouldn’t say any more about cryptocurrency. But it’s not the same as gold or fiat currencies. Those are supported by law, police, courts. They’re not replicable, and there are strictures on them. Blockchain, on the other hand, is real. We’re testing it and will use it for a whole lot of things.

Hey, Dimon, at least stay consistent! One of the greatest intrinsic elements of crypto is blockchain – praising it while completely disregarding the rest is like condemning the sun but applauding its heat.