It's Ponzi Scheme: JP Morgan CEO Issues Serious Warning About Bitcoin, Ethereum, Others

It's Ponzi Scheme: JP Morgan CEO Issues Serious Warning About Bitcoin, Ethereum, Others

  • JP Morgan CEO has lent voice to the myriad of voices calling for the boycott of cryptocurrencies, calling them dangerous
  • Jamie Dimon, JP Morgan boss, Bill Gates and Warren Buffet are among influential people warning against the adoption
  • The billionaires' warnings came amid crypto crashes that have seen the entire ecosystem eroded by over 70 per cent

Following the crash of top cryptocurrencies, which have lost 70 per cent of their values from an all-time high, they traded in November last year. JP Morgan Chief Executive Officer Jamie Dimon has described cryptos as dangerous.

Dimon echoed Bill Gates and Warren Buffet in labelling bitcoin, Ethereum and others as a decentralized Ponzi scheme.

Crypto crashes to all-time low

Buffet, Crypto, JP Morgan
Microsoft Founder, Bill Gates, Warren Buffet and JP Morgan CEO, Jamie Dimon Credit: Kevin Hagen / Stringer
Source: Getty Images

Forbes reported that Ether had witnessed the worst decline while Bitcoin dipped below $20,000, putting US Securities and Exchange Commission on red alert.

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The world's biggest cryptocurrency exchange, Binance, appoints Ibukun Awosika to Global Advisory Board

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Dimon said he is a significant doubter of crypto tokens, labelling decentralized Ponzi schemes.

China had banned cryptocurrencies and called them the biggest Ponzi schemes in human history.

Last year, Bitcoin saw its market capitalization surge to an eye-watering $3 trillion, an increase from under $1 trillion it had in 2020. Then, it crashed again in 2022, plunging the budding industry into trouble.

The world's biggest cryptocurrency exchange, Binance, appoints Ibukun Awosika to Global Advisory Board

Legit.ng reported that the world’s biggest cryptocurrency, Binance, has appointed former First Bank Director Ibukun Awosika to its board advisory board to help it manage some of the most urgent regulatory problems in the industry.

A statement by Binance said the exchange had been prodding countries to take the initiative and adopt an economic future in which crypto and blockchain will play an important role. The platform said that licenses and regulations will elicit discussion and negotiation and that more nations want to establish a promising future.

Awosika said that Binance’s transparency and accountability in its seeking to deliver service to its clients are commendable, saying the platform must continue to evolve as a future company and find solutions in real time.

Source: Legit.ng

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