Dimon said he wondered out loud why CNBC spent so much time on crypto, calling Bitcoin a hyped-up fraud and a Pet Rock.
“Why you guys waste any breath on this is beyond me,” said Dimon.
Asked about the collapse of FTX, Dimon said he was not surprised at all, labeling it a decentralized Ponzi scheme (FTX is a centralized exchange). He said that regulation should have stopped all of this a long time ago, adding people have lost billions – lamenting the lack of disclosure.
Dimon said he does not care about Bitcoin at all.
At the same time, Dimon said that blockchain is a technology JP Morgan is using to move money, a ledger technology they believe will be deployable.
Bitcoin got some backing from CNBC pundit Joe Kernen who said Bitcoin has all of the characteristics of a store of value, adding that he does not know any Pet Rock worth $20,0o0. Kernan noted it is capped at 21 million coins – something Dimon questioned, asking how do you know that?
Dimon frequently gets asked about his opinion on crypto because he typically responds bluntly with his honest opinion.