‘Totally Untrue’: Jamie Dimon Argues with CNBC Anchor After Calling Bitcoin a ‘Hyped-Up Fraud’
JPMorgan CEO Jamie Dimon clashed with CNBC host Joe Kernen about Bitcoin before telling him they should “drop the subject.”
During a live interview at the World Economic Forum in Davos, Switzerland, Aaron Ross Sorkin mentioned Bitcoin to the longtime cryptocurrency critic.
“We pretty much always have some crypto conversation with you,” Sorkin began. “I’m just curious because –”
“I think all that’s been a waste of time,” Dimon interrupted. “And why you guys waste any breath on this is totally beyond me.”
Sorkin and Kernen asked Dimon if he thinks the price of Bitcoin will drop to $0.
“Bitcoin itself is a hyped-up fraud,” Dimon responded. “It’s a pet rock.”
Sorkin asked about large firms that are investing in crypto infrastructure.
“That’s different,” Dimon said. “Blockchain is a technology ledger system that we use to move information. We’ve used it to do overnight or intraday repo. We’ve used it to move money. So, that is a ledger.”
“There are tokens that I agree with you on,” Kernen said. “But Bitcoin’s based on a distributed ledger. It has all of the characteristics of a store of value. It’s immutable, it’s scarce –”
“Totally untrue,” the CEO interjected.
Sorkin asked about the downfall of the crypto firm FTX.
“What is your reaction to the failure of FTX and all that?” he asked.
“I’m not surprised at all,” he answered. “I called it a decentralized Ponzi scheme. The hype around this thing has been extraordinary.”
He added, “Regulators should’ve stopped this thing a long time ago.”
“But Jamie,” Kernen protested, “there’s a difference between saying, ‘FTX is a decentralized Ponzi scheme,’ and saying that, ‘Crypto itself is a Ponzi scheme.’”
“Crypto itself, it doesn’t do anything,” Dimon reiterated. “Guys, I don’t care about Bitcoin so we should just drop the subject.”
It’s not the first Dimon likened cryptocurrency to “pet socks,” having done so in December while calling it a “complete sideshow.”
Watch above via CNBC.
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