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JPMorgan CEO Calls Cryptocurrencies A ‘Ponzi Scheme’

Jamie Dimon, the chief executive of bank JPMorgan Chase (JPM), called cryptocurrencies “decentralized Ponzi schemes” when appearing before a congressional committee in Washington, D.C.

“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin (BTC),” said Dimon. “They are decentralized Ponzi schemes.”

Dimon added that he thinks stablecoins tied to the value of the U.S. dollar or other currencies could be legitimate investments with the proper regulations. He also acknowledged that JPMorgan is actively working on blockchain technologies.

The comments, which were made before the House Financial Services Committee, are the latest criticism of cryptocurrencies by Dimon, who has previously called Bitcoin “a fraud.”

While Dimon has been personally critical of cryptocurrencies, JPMorgan has been developing blockchain technologies related to financial services.

JPMorgan Chase, which is the largest bank in the world with nearly $4 trillion of assets, has a customized blockchain and token called “JPM Coin.” They enable other financial institutions to take out short-term loans.

Dimon has previously said that Bitcoin is “worthless” but acknowledged that clients of his bank want access to digital coins and tokens.

JPMorgan’s stock is down 30% this year at $112.49 U.S. per share.