Jamie Dimon: ‘Bitcoin Itself Is A Hyped Up Fraud … A Pet Rock’

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Brianna Lyman News and Commentary Writer
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JP Morgan Chase CEO Jamie Dimon called bitcoin a “hyped up fraud” that is akin to owning “a pet rock” during CNBC’s “Squawk Box” on Thursday.

The panel were discussing Goldman Sachs before co-host Andrew Ross Sorkin brought up Bitcoin. “We pretty much always have some crypto conversation with you. I’m just curious because I don’t think we’ve talked to you since — ” Sorkin said.

“I think all that’s been a waste of time and why you guys waste any breath on it it’s totally beyond me,” Dimon said.

“Because you just think the whole thing just is — ” Sorkin pressed.

“Going to zero?” co-host Joe Kernen asked.

“Going to go to zero and is fake?” Sorkin chimed in.


“Bitcoin itself is a – is a hyped up fraud. It’s a pet rock,” Dimon said.

“Really?” Kernen asked. (RELATED: Jamie Dimon Says His ‘Handlers’ Tell Him ‘Don’t Give Them That Stupid Headline,’ Avoids Recession Question)

“Yeah, of course, yeah,” the CEO replied.

Dimon also reacted to the collapse of FTX, calling it a “decentralized Ponzi scheme.”

When pressed again on crypto, Dimon stood his ground.

“Crypto itself  doesn’t do anything. It’s a pet rock. You can own it all you want,” Dimon said. “I don’t care about Bitcoin. We should drop the subject.”