Bitcoin Facilitates Sex Trafficking; It’s a Ponzi System, Says JPMorgan CEO By Investing.com


©Reuters.

By Carjuan Cruz

Investing.com – El is a “ponzi scheme” – a pyramid scheme -, which facilitates theft, money laundering, and sex trafficking, said Jamie Dimon, CEO of investment bank JPMorgan (NYSE:): ” It is dangerous”, he ratified in a hearing yesterday in the Committee on Financial Services in the United States Congress.

“They are decentralized Ponzi schemes, and the idea that it is good for anyone is incredible,” confirmed the manager. “I’m a big skeptic of crypto tokens, what they call currency, like Bitcoin,” Dimon said.

Other bankers present at the hearing were questioned by Congressman Brad Sherman, who is also not a fan of cryptocurrencies, and several pledged not to offer financing to the sector. Among these were Jane Fraser, executive director of Citi Group (NYSE:), Brian Moynihan of Bank of America (NYSE:) and Charles Scharf of Wells Fargo (NYSE:).

The CEO of JPMorgan has always been reluctant when it comes to Bitcoin, calling it fraudulent or “fool’s gold”. However, the banker defended blockchain technologies, and decentralized finance (DeFi). “At JPMorgan, we are a huge user of blockchain,” he said.

“I don’t see anything wrong with a ‘stablecoin’ (stable cryptocurrencies) that is like a money market fund, properly regulated,” he clarified.

These cryptocurrencies are called “stable” because they have their value pegged to a stable asset like the US dollar.

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