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Jamie Dimon deems BTC hyped-up fraud

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"Bitcoin itself is a hyped-up fraud, it’s a pet rock," JPMorgan Chase & Co. CEO Jamie Dimon stressed. He still is not a believer in the bright future of the crypto industry. "I think all that's been a waste of time and why you guys waste any breath on it is totally beyond me."

Jamie Dimon supposes that tokens such as BTC are always in short supply and this prevents their depreciation since there are only 21 million such coins. However, he doubts the specified number. "How do you know it's gonna stop at 21 million? Maybe it's going to get to 21 million and Satoshi’s picture is going to come up and laugh at you all," he pointed out.

Earlier, after the blow-up of the world's second-largest crypto exchange, FTX, he argued the entire industry was a "complete sideshow." The businessman stressed that virtual currencies are most often used for financing terrorism and other criminal activities. Although Dimon does not believe in cryptocurrencies, he has a much more positive outlook on the blockchain technology that cryptocurrencies are built on.

In early January of this year, he made an ominous forecast about the global economy. He warned that the protracted Russia-Ukraine conflict is the "biggest threat" to financial stability.

Apart from that, Dimon provided a bearish forecast for the US economy for 2023. The main reason is galloping inflation, which is still above the 2% target. The Fed is ready to raise the interest rate to 5% or higher, which could trigger a recession. However, the Russia-Ukraine conflict poses the biggest threat to the global economy as it has already disrupted supply chains and caused an uptick in energy prices worldwide.

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