Dimon said at a gathering hosted by Barclays in New York that it is just not a real thing, eventually it will be closed. Dimon went on to tell a group of professional investors what would happen to JP Morgan traders taking action: I d fire them in a second. It is against our rules and they are stupid. Both are dangerous. In response to a question by the moderator at the Institute of International Finance conference, Dimon said: If you're stupid enough to buy it, you'll pay the price for it one day. In 2018, Dimon made a complete U-turn saying he regrets calling Bitcoins a fraud. In an exclusive interview with FOX Business Maria Bartiromo, Dimon said he regrets past comments in which he called Bitcoins a fraud at a September banking conference.
Four years later, Dimon is back to his original position, and he is back to his original position. Dimon was asked about his opinion on the use of a digital ledger in the House Financial Services Committee hearing with The US Congress on Megabanks today.
In his response to the US lawmakers, Dimon said he was not a skeptic when it comes to blockchain, smart contracts, Defi, etc. He sees benefits in these things.
Dimon doubled down on his earlier opinion ofbitcoin, saying that he is a big skeptic about cryptocurrencies likeBitcoin, which is nothing more than a decentralized Ponzi scheme. He has also alluded to affiliated fraud, rug pulls and hacks that have resulted in loss of billions of dollars. When asked about the stable coin, Dimon said there was nothing wrong with a properly-regulated stable coin. He said that stable coin should be treated like a money market fund.