JP Morgan Execs Make Opposing Statements on Crypto

  • JP Morgan CEO Jamie Dimon claims cryptocurrencies are decentralized Ponzi schemes.
  • Global Head of Payments Takis Georgakopoulos revealed that they are seeing a decline in the use of crypto for payments.
  • Head of Global Operations Marko Kolanevic believes crypto will rally in 2023 alongside stocks.

JP Morgan executives have made strong — and albeit contradictory statements — about cryptocurrency in the last couple of days alone.

On one side of the ring, CEO Jamie Dimon blasted cryptocurrency, claiming that it is nothing short of a decentralized Ponzi scheme. In congressional testimony last January 21, Dimon said that he remains a skeptic of crypto. 

He said:

“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes.”

The day before, the Wall Street giant’s Global Head of Payments Takis Georgakopoulos revealed that they are seeing a decline in the use of cryptocurrency as a means of payment. In detail, he stated that their clients have been vocal about their interest in using cryptocurrency for payments up until 6 months ago.

On the other side, JP Morgan’s Head of Global Operations Marko Kolanevic voiced his support for crypto. Specifically, he believes that the stock market is already reaching its bottom and that crypto will move with it in recovery come 2023.

If Kolanevic’s statements prove true, then crypto will have to wait until next year before it sees an end to the bear market. Currently, Bitcoin and most altcoins have yet to recover from the last dip. At the time of writing, BTC is at $18,474.84, according to CoinGecko. 

However, ETH is worse, as it has witnessed a 23.4% decline in the last 7 days. This is despite the Ethereum network making a successful transition into Proof of Stake (PoS).

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.