In an interview on Thursday morning with CNBC that occurred throughout the World Financial Discussion board (WEF) in Davos, Switzerland, billionaire Jamie Dimon, chairman and chief government of banking big JPMorgan, declared that Bitcoin is “a hyped-up fraud” and never far more than a “pet rock.”

Dimon went on to make clear that this was totally different from blockchain expertise, which in accordance with him may have sure “actual” makes use of.

Dimon has been an outspoken critic of Bitcoin, having as soon as famously referred to the cryptocurrency as a “fraud.” Regardless of acknowledging the advantages of blockchain expertise, he has dismissed the most important cryptocurrency in harsh tones, claiming that it’s a instrument for crimes reminiscent of cash laundering.

Whereas just lately softening his stance and permitting JPMorgan prospects to entry cryptocurrencies by its banking service, Dimon nonetheless just isn’t satisfied about the way forward for Bitcoin.

In quite a few interviews, he downplayed its potential for adoption by saying that it was extra prone to stay speculative than obtain any form of widespread utilization. In 2021, he stated that the most important cryptocurrency was “nugatory.”

In October, Dimon described cryptos as “decentralized Ponzis” regardless of praising its underlying expertise. The JPMorgan boss complained about illicit actions in crypto.

With Dimon’s affect firmly established inside finance circles, it’s probably that skepticism surrounding cryptocurrency will persist for a while.