Before a U.S. House Committee Oversight hearing on Wednesday, JPMorgan Chase CEO Jamie Dimon compared crypto tokens to Ponzi schemes, reiterating his well-known scepticism of cryptocurrencies. Dimon, on the other hand, stated that he is not a sceptic of blockchain technology or other developments such as Decentralized financing (DeFi) and “tokens that accomplish things.” “I’m a major skeptic on crypto tokens, which you call currency like Bitcoin. They are decentralized Ponzi schemes,” he stated, citing the billions of dollars lost each year as a result of crypto-related thefts and the use of cryptocurrencies in criminal activities.
