J.P. Morgan, an American multinational financial services company, is organizing its 41st Annual Healthcare Conference from January 9 to January 12.
The Healthcare Conference is a weeklong investment symposium bringing the biotech industry together to discuss innovation in the space while allowing companies to announce important business developments.
During an appearance at the healthcare conference, Jamie Dimon, CEO of J.P. Morgan, again criticized Bitcoin and called it a “decentralized Ponzi scheme.” A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk, but in many cases, the fraudsters do not invest the money.
Dimon addressed various topics about the economy, politics, and deal-making in this speech. He also briefed investors on the points to be looked at for the days coming ahead while criticizing cryptocurrencies. The CEO’s statement is no surprise as he has been very vocal in his criticism of Bitcoin and other cryptocurrencies at large. In 2017, Dimon even called Bitcoin a “fraud” and said that any trader from the firm, if caught trading cryptocurrencies, would be fired instantly.
However, after that, the CEO softened his stance and stated that he believed in blockchain technology and counted on it to have value. The firm has been interested in blockchain and decentralization despite the CEO’s negative opinions towards cryptocurrencies. In 2021, the firm posted job openings on multiple positions relating to blockchain for its dedicated division Onyx.
Recently, the firm has taken over several initiatives relating to blockchain. For example, Todayq News reported in October last year that J.P. Morgan and Visa came together to develop a blockchain-based money transfer system. In addition, under its Onyx blockchain and payments effort, JPMorgan provided a network created explicitly for international transactions called Liink. As a result, institutions can share financial data and validate transactions using a platform provided by Onyx.
Like Liink, Visa’s B2B Connect was created for institutional usage and linked with Onyx’s Confirm. Confirm is a product that validates account information and ensures that parties to transactions supply accurate information and true identities. In November, the firm also collaborated with the central bank of Singapore to initiate its first-ever decentralized finance (DeFi) transaction.
Nonetheless, Dimon continues to be adamant in his criticisms of Bitcoin and considers it a speculative “asset” that can never replace real money or become an effective payment system. In October last year, he opined that cryptocurrencies are often used for illicit activities compared to their usage in legal ones and pointed out that most people own them as investment vehicles instead of using them for buying products and services as their prices fluctuate wildly.