Jamie Dimon calls bitcoin a 'fraud' and a 'Ponzi scheme' — and says the crypto is hopeless as a currency (2024)

"If it's a crypto coin that can do something like a smart contract, that has value," he said. "There will be smart contracts, and blockchain works — to the extent crypto is accessing certain blockchain things, yeah, that might have some value."

Dimon has trashed bitcoin repeatedly in recent years. He's compared it to smoking a cigarette, said it's "dangerous" to own, urged people not to buy it, and called on governments to ban it.

The Wall Street heavyweight has also decried the most popular crypto as a "waste of time," a "hyped-up fraud," and a "pet rock."

Moreover, he's bemoaned the anonymity it provides and the lack of regulation around its use, saying it enables crimes such as fraud, tax avoidance, money laundering, sex and drug trafficking, and terrorism financing.

Dimon may be vehemently opposed to bitcoin, but that hasn't stopped it from hitting record highs — albeit with plenty of volatility on the way.

The token's price soared from $10,000 in September 2020 to more than $65,000 in November 2021, then crashed to about $16,000 over the next year.

However, it rebounded above $70,000 last month and now trades around the $63,000 mark, giving it a market value of $1.2 trillion.