Jamie Dimon mocks crypto, says it’s a ‘pet rock’
The JP Morgan CEO also weighed in on FTX
Cryptocurrency 'is not the answer' to current monetary system: Jamie Dimon
JPMorgan Chase CEO Jamie Dimon argues getting fiscal policy 'right' will impact America's fate for the next 100 years.
JPMorgan Chase CEO Jamie Dimon voiced his dislike of cryptocurrency on Thursday.
Bitcoin itself, Dimon told CNBC’s "Squawk Box," is a "hyped-up fraud." He also called it a "pet rock" during the interview.
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When asked about BlackRock and other investment firms investing in blockchain, he clarified "that’s different."
![If we want to solve climate change, JPMorgan CEO Jamie Dimon said, it is not against climate [change] for America to boost oil and gas.](https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/08/931/523/Jamie-Dimon.jpeg?ve=1&tl=1)
Speaking on a recent client call, JPMorgan CEO Jamie Dimon insisted boosting natural gas production in the United States was not contrary to the goal of reducing greenhouse gas emissions. REUTERS/Jeenah Moon/File Photo / Reuters Photos (REUTERS/Jeenah Moon/File Photo / Reuters Photos / Reuters Photos)
"Blockchain is a technology ledger system that we use to move information," he explained. "We’ve used it to do overnight repo, intraday repo. We’ve used it to move money."
Dimon said blockchain was a "technology ledger that we think will be deployable."
He was "not surprised at all" by what happened to the now-collapsed cryptocurrency exchange FTX, he also told CNBC.
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FTX, once valued at $32 billion, filed for Chapter 11 bankruptcy in November. Founder Sam Bankman-Fried stepped down from the CEO role the same day the exchange filed and has since been hit with multiple criminal charges from the Southern District of New York and the Securities and Exchange Commission. He has pleaded not guilty to them.
An FTX logo and a representation of cryptocurrencies are seen through broken glass in this illustration taken December 13, 2022. REUTERS/Dado Ruvic/Illustration (Reuters / Reuters Photos)
"I called it a decentralized Ponzi scheme," Dimon said of FTX. "The hype around this thing has been extraordinary."
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He said regulators "should have stopped this a long time ago," noting people "have lost billions of dollars."
A representations of cryptocurrencies in this illustration taken, January 24, 2022. (REUTERS/Dado Ruvic/Illustration / Reuters)
"Crypto itself doesn’t do anything," he also reiterated. "It’s a pet rock."