Reported by: CHLOE TAYLOR

Cryptocurrencies are dangerous “Ponzi schemes” that put billions of dollars at risk every year, JPMorgan CEO Jamie Dimon declared in a scathing review of the volatile digital assets.

In congressional testimony on Wednesday, Dimon referred to himself as “a major skeptic” on cryptocurrencies like Bitcoin.

“They are decentralized Ponzi schemes, and the notion that’s good for anybody is unbelievable,” he told lawmakers, calling Bitcoin and other cryptocurrencies “dangerous.”

Dimon said in his testimony to the House on Wednesday that billions of dollars had been lost every year to cryptocurrencies, noting their links to money laundering, ransomware, sex trafficking, and theft.  

However, he argued that stablecoins would not be so problematic if they were properly regulated.

Read full report: https://fortune.com/2022/09/22/jpmorgan-jamie-dimon-dangerous-crypto-decentralized-ponzi-scheme-not-good-for-anybody/amp/