JPMorgan CEO Dimon says Bitcoin is a 'hyped-up fraud'

JPMorgan CEO Dimon says Bitcoin is a 'hyped-up fraud'

Are there too many assumptions aboutBTCUSD? JPMorgan Chase Co CEO Jamie Dimon is bullish on the topic ofBlockchain, but it's another story.

How do you know if it's going to stop at 21 million? Maybe it's going to get to 21 million and Satoshi's picture is going to come up and laugh at you all, Dimon said during a Jan. 19 appearance on CNBC's Squawk Box. Satoshi Nakamoto is a presumed pseudonymous person responsible for the creation ofBitcoin. According to Bitcoin's source code, many argue thatBitcoin holds value because of its scarcity, the maximum number of coins that can be mined is capped at 21 million.

Dimon reminded listeners that no one really knows what will happen, but he has strong opinions on the world's oldest and most valuable criptocurrency.

Dimon said that it is a hyped-up fraud.

He told CNBC that all of that has been a waste of time and that you guys waste no breath on it is totally beyond me," he said.

He said thatBlockchain is a technology leger system and it is much different from cryptocurrencies. He said that JPMorgan uses it to move information and money around.

Dimon said that the rest is more of a decentralized Ponzi scheme.

I don't care aboutBitcoin, so we should drop the subject. It may take a while to find out if Dimon is correct in his thinking. If you invested $1,000 InBitcoin When Tesla Bought The Crypto, Here's How Much You'd Have Now.