{"id":16650,"date":"2023-01-19T20:01:15","date_gmt":"2023-01-19T20:01:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-is-a-hyped-up-fraud\/"},"modified":"2023-01-19T20:01:15","modified_gmt":"2023-01-19T20:01:15","slug":"bitcoin-is-a-hyped-up-fraud","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-is-a-hyped-up-fraud\/","title":{"rendered":"Bitcoin is \u2018a hyped-up fraud\u2019"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674156096266-96136a27-d347-418d-895e-a7580d44c139-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674156096266-96136a27-d347-418d-895e-a7580d44c139-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674156096266-96136a27-d347-418d-895e-a7580d44c139-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674156096266-96136a27-d347-418d-895e-a7580d44c139-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<ul>\n<li dir=\"ltr\"><em><strong>JPMorgan CEO Jamie Dimon previously slammed Bitcoin as a \u201cPonzi scheme\u201d.<\/strong><\/em><\/li>\n<li dir=\"ltr\"><em><strong>On Thursday, he told CNBC\u2019s Squawk Box that crypto is a decentralised Ponzi scheme and that Bitcoin is just \u201chyped-up fraud.\u201d<\/strong><\/em><\/li>\n<li dir=\"ltr\"><strong><em>Dimon says people have lost billions of dollars and believes regulators should have put a stop to crypto \u201ca long time ago.\u201d<\/em><\/strong><\/li>\n<\/ul>\n<p dir=\"ltr\">Not for the first time, JPMorgan CEO Jamie Dimon has labelled cryptocurrencies worthless.<\/p>\n<p dir=\"ltr\">On Thursday, during an <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1616039056961323008\" rel=\"noopener noreferrer\" target=\"_blank\">interview<\/a> with CNBC\u2019s \u2018Squawk Box,\u2019 the noted crypto sceptic again referred to <a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin<\/a> as nothing but a \u201c<em>hyped-up fraud<\/em>.\u201d He condemned the benchmark crypto asset as a \u201c<em>pet rock<\/em>\u201d, expressing his disapproval by dismissing discussions over BTC and other cryptocurrencies as waste of time.<\/p>\n<h2 dir=\"ltr\">Dimon says crypto \u2018doesn\u2019t do anything\u2019<\/h2>\n<p dir=\"ltr\">According to the JPMorgan CEO Bitcoin is not a store of value, and he showed his scepticism further by suggesting that there could be more than 21 million bitcoins in the future.<\/p>\n<p dir=\"ltr\">\u201c<em>How do you know it is going to stop at 21 million? Maybe it\u2019s going to get to 21 million, and Satoshi\u2019s picture is going to come up and laugh at you all. And say ta-da<\/em>!\u201d<\/p>\n<p dir=\"ltr\">Dimon also went ahead to refer to crypto as a decentralised Ponzi scheme. According to him the hype around digital assets has been extraordinary, stating on the CNBC show:<\/p>\n<p dir=\"ltr\">\u201c<em>Y<\/em><em>ou guys, you\u2019ve all seen the analysis on Tether, the analysis on all these things \u2013 the lack of disclosures and it\u2019s outrageous. Regulators should have stopped all these a long time ago. People have lost billions of dollars. If you look at its low-income people, in some cases retirees<\/em>.\u201d<\/p>\n<p dir=\"ltr\">On what he had to say about the crypto industry following the collapse of FTX, the JPMorgan exec summed up his outlook by noting that crypto \u201cdoesn\u2019t do anything.\u201d<\/p>\n<p dir=\"ltr\">\u201c<em>It\u2019s a pet rock<\/em>,\u201d he told the Squawk Box hosts, adding that he doesn\u2019t care about Bitcoin.\u00a0<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/jpmorgan-ceo-says-bitcoin-is-a-hyped-up-fraud\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) JPMorgan CEO Jamie Dimon previously slammed Bitcoin as a \u201cPonzi scheme\u201d. On Thursday, he told CNBC\u2019s Squawk Box that crypto is a decentralised Ponzi scheme and that Bitcoin is just \u201chyped-up fraud.\u201d Dimon says people have lost billions of dollars and believes regulators [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":16651,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16650"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=16650"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/16651"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=16650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=16650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=16650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}