3 min read

JPMorgan CEO Jamie Dimon Labels Bitcoin ‘A Ponzi Scheme,’ Draws Industry Ire

Published January 13, 2025 11:42 AM

Edited by Insha Zia

Jamie Dimon, Chairman and CEO of JPMorgan Chase

JPMorgan CEO Jamie Dimon continues his criticism of Bitcoin, calling it a "Ponzi scheme". But he sometimes contradicts himself and his bank. | Credit: Win McNamee/Getty Images

Key Takeaways

Jamie Dimon, CEO of JPMorgan Chase, reiterated his harsh criticism of Bitcoin.
Despite his negative stance, Dimon concedes that cryptocurrencies might have a role in the future of finance.
His views on Bitcoin have fluctuated over time, highlighting a pattern of inconsistency.

In a recent appearance on CBS News’ “Sunday Morning,” JPMorgan Chase CEO Jamie Dimon once again attacked Bitcoin, describing it as a “Ponzi scheme” and dismissing it as “useless as a pet rock.”

His critique centered on Bitcoin’s perceived lack of intrinsic value and its frequent association with illicit activities such as money laundering and ransomware.

A History of Contradictions

Dimon’s skepticism isn’t new, but he did acknowledge a broader potential for cryptocurrencies in the financial sector.

However, he was quick to assert that Bitcoin itself holds no viable future. “People can invest in it all they want,” Dimon remarked , “but I think it’s a complete waste of time and money.”

Still, Jamie Dimon’s opinions on Bitcoin have been anything but consistent.

Over the years, he has oscillated between harsh criticism and reluctant acknowledgment of the assets’ potential.

In April 2024, much like now, he dismissed Bitcoin as a “Ponzi scheme,” arguing that any belief in its viability as a currency was misplaced.

Yet, Dimon also later recognized the value in cryptocurrencies with practical applications, particularly those supporting smart contracts.

Despite his repeated denunciations, including comparisons of Bitcoin to harmful habits like smoking, he has occasionally softened his rhetoric.

In 2018, Dimon even expressed regret for calling Bitcoin a fraud, a notable shift from his usual hardline stance.

His contradictions are evident not just in his words but in his actions.

At one point, Dimon stated he would “fire in a second” any JPMorgan employee caught trading Bitcoin, especially when the cryptocurrency was valued at $4,000.

Despite these statements, his evolving views continue to reflect a complicated relationship with the crypto world.

JPMorgan’s Diverging Approach

While Dimon maintains a critical view of Bitcoin, JPMorgan Chase has adopted a more nuanced approach. The bank has cautiously explored blockchain technology and offers Bitcoin-related products to select clients. This apparent contradiction hasn’t gone unnoticed.

John Deaton, founder of CryptoLawsUS, took aim at Dimon , highlighting the disparity between Dimon’s public statements and JPMorgan’s actions.

“As usual, Jamie Dimon says one thing while his bank does another,” Deaton remarked.

He pointed out that JPMorgan has been involved in Bitcoin and cryptocurrency from the outset and noted that less than 1% of Bitcoin transactions are linked to illicit activities.

Deaton also reminded the public of JPMorgan’s own regulatory troubles, citing over $40 billion in fines the bank has incurred for various infractions.

Adding to the irony, JPMorgan holds 387 shares in BlackRock’s IBIT , a Bitcoin-based exchange-traded fund (ETF), and 775 shares in Grayscale’s Bitcoin Trust.

Was this Article helpful? Yes No

About the Author

Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.

[email protected] LinkedIn

JPMorgan CEO Jamie Dimon Labels Bitcoin ‘A Ponzi Scheme,’ Draws Industry Ire

A History of Contradictions

JPMorgan’s Diverging Approach

Giuseppe Ciccomascolo

JPMorgan’s Dimon Fears Fed May Rise Interest To 8% – Is He Right?

Jamie Dimon Talks AI’s Impact on Jobs – Banking Software Aims to Cut Manual Work By 90%

Bitcoin ETFs Narrow the Gap With Gold in Debut Year: What’s Next?