Cryptocurrencies are dangerous “Ponzi schemes” that put billions of dollars at risk every year, JPMorgan CEO Jamie Dimon declared in a scathing review of the volatile digital assets.
In congressional testimony on Wednesday, Dimon referred to himself as “a major skeptic” on cryptocurrencies like Bitcoin.
“They are decentralized Ponzi schemes, and the notion that’s good for anybody is unbelievable,” he told lawmakers, calling Bitcoin and other cryptocurrencies “dangerous.”
Bitcoin, which was hovering just above $19,000 at 6:45 a.m. ET on Thursday, has lost more than half its value in 2022, as cryptocurrencies across the board have suffered a widespread sell-off that’s become known as the “crypto winter.”
The U.S. House Committee on Financial Services held a hearing on Wednesday in which representatives from major American banks including Citigroup, Bank of America and Wells Fargo gave evidence. The committee’s Chairwoman Maxine Waters and Ranking Member Patrick McHenry are currently developing a bill on regulating…