The high-profile CEO of JPMorgan, Jamie Dimon, has publicly denounced Bitcoin as a ‘fraud’ and a ‘Ponzi scheme’, questioning its viability as a legitimate currency. In a recent interview with Bloomberg TV, Dimon expressed his long-standing skepticism towards Bitcoin, firmly stating that any ambitions for it to function as a currency are groundless.

Despite his firm stance against Bitcoin, Dimon sees potential value in crypto tokens linked to smart contracts and blockchain applications. He stated, “If it’s a crypto coin that can do something like a smart contract, that has value… blockchain works and to the extent crypto is accessing certain blockchain things, yeah, that might have some value.”

In the past, Dimon has continually criticized Bitcoin, drawing comparisons between owning the digital currency and smoking a cigarette. He has actively discouraged investment in Bitcoin, and even called for governmental restrictions on it. His grievances stem primarily from the anonymity and the lack of regulation in the Bitcoin world, that he argues, facilitates illicit activities like fraud, tax evasion, and criminal ventures.

Despite Dimon’s consistent critique, Bitcoin has seen record growth, albeit not without significant volatility. The token’s price surged from $10,000 in September 2020 to over $65,000 in November 2021, and despite a nosedive to around $16,000, it recently rebounded to exceed $70,000. Currently trading near the $63,000 mark, Bitcoin boasts a market value of $1.2 trillion