Jamie Dimon: ‘Retirees, grandmothers, lower-income folks' have been hurt by crypto – Yahoo Finance

JP Morgan (JPM) CEO Jamie Dimon doesn’t mince words when it comes to his views on cryptocurrencies.

Wall Street Boss Famous For Calling Digital Tokens In September “Decentralized Ponzi Scheme” During a regulatory hearing, he repeated his criticism of crypto assets in an interview with Fox Business Network.

“I called it a decentralized Ponzi scheme because people were just hyping – hyping, hyping – and they were like this, money stolen from there, people will write a lot of books about things they know and don’t know,” he said when asked about lessons learned about cryptocurrencies. Collapse of FTX.

WASHINGTON DC – SEPTEMBER 22: JPMorgan Chase CEO Jamie Dimon arrives for a hearing of the Senate Banking, Housing, and Urban Affairs Committee. (Photo by Drew Angerer/Getty Images)

In an interview aired on Tuesday, Dimon, as in the past, distinguished between his skepticism of crypto assets and his view of blockchain technology as a form of facilitating financial transactions. His bank is working on building its own custom his blockchain and token. JPM Coinintended to facilitate payment transfers for clients.

Meanwhile, he said cryptocurrencies were making people “hysterical” and it was the government’s responsibility to protect investors.

“A lot of people got hurt [by crypto]said Damon. “These were retirees, grandmothers, low-income people, and it was a shame.”

Bankruptcy of bankrupt virtual currency exchange estimated to have wiped out $9 billion The value of cryptocurrency investments, according to figures from blockchain analytics firm Chainalysis.

“There should have been some kind of regulatory framework right away to protect investors,” he said, adding that regulators had begun to play it safe but now “the barn doors have opened.”

In another interview with CNBC last month, Dimon likened crypto tokens to “pet rocks.”

“By the way, I hate talking about it because I’m not into it,” Dimon said in an interview with Fox Business on Tuesday.

Alexandra Semenova is a reporter at Yahoo Finance. follow her on her twitter @alexandraandnyc

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