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JPMorgan CEO Jamie Dimon Calls Bitcoin (BTC) A “Scam”

JPMorgan CEO Jamie Dimon returned to his most critical comments about Bitcoin (BTC), calling the leading cryptocurrency in the market a “scam” and saying he had no “interest” in it, as Bloomberg reported yesterday, August 5th. Dimon was speaking at the Aspen Institute’s 25th Annual Summer Celebration Gala on Saturday, including cryptocurrencies as part of his general remarks on the US economic outlook.

His words were soon repeated in the mainstream press and online by prominent economic sources, notably Nouriel Roubini, who has also become known this year for his critical stance on Bitcoin (BTC).

According to Bloomberg, Dimon also “suggested that governments may move to shut down the crypto coins, due to the inability to control them.”

The story of the JPMorgan CEO with cryptocurrencies has been a checkered one

Having caused a stir in September 2017 when he initially called Bitcoin (BTC) a “fraud,” Jamie Dimon seemed to change his tact from then on, and then said he “regretted” the choice of his words.

“I wouldn’t put this in the category of important things in the world. But I’m not going to talk about Bitcoin (BTC) anymore,” he told reporters in October 2017.

In January, Dimon kept his promise and reported for the Cointelegraph crypto news portal that he “cannot respond” when asked how he felt about moving markets his previous comments triggered. However, he added that he is not “skeptical” about cryptos.

JPMorgan has mixed sentiments regarding Bitcoin (BTC) and cryptocurrencies

In his recent interview published in the July-August issue of the Harvard Business Review, Jamie Dimon again refused to comment directly on crypto. “I probably shouldn’t say more about cryptocurrencies,” he said.

In the same interview, Dimon also commented calling blockchain technology “real,” while implying that crypto is not, saying that JPMorgan is “testing blockchain technology and will use it for a lot of things.”

Since then, mixed signals have emerged from other JPMorgan sources, including company’s Daniel Pinto who told CNBC in May that cryptocurrency “is real but not in its current form.”

Anna Galvez

JPMorgan To Get Sued for Bitcoin Fraud

On the off chance that Jamie Dimon didn’t have confidence that karma can change his plans, he might be an adherent at this point.

So what happened?

JPMorgan has been hit with a lawsuit on affirmations of attaching unannounced layers of expenses in addition to enthusiasm in the wake of surprising the feet of digital currency financial specialists, as indicated by a Reuters report. No big surprise the decentralized upset has arrived.

The bank put the kibosh on credit card buys for digital forms of money prior this year when it additionally started contention by regarding crypto buys as loans, the last of which summon higher expenses. JPMorgan’s CEO Jamie Dimon scandalously called Bitcoin a misrepresentation a while back, and now those words are causing issues down the road for him.

The plaintiff, Brady Tucker, is from Idaho and the claim was documented in a New York court. He asserts that JPMorgan charged extra layers of expenses and considerably higher interest on the loans versus what they charge for credit card buys. The bank declined to move.

A Chase representative disclosed to Reuters that while the bank put a restriction on charge card buys for Bitcoin and Altcoins, they did as such due to the credit risk which was included and called attention to the fact that clients could, in any case, utilize their financial records-liked check cards for buys and bypass expenses. JPMorgan wasn’t the main bank to boycott charge card use for Bitcoin, as Bank of America, Citi and others made similar moves in the midst of a pullback in the Bitcoin cost in the new year.

About the lawsuit

In the interim, the plaintiff is battling back subsequent to being charged these additional expenses, incorporating more than $140 in charges and another $20, in addition to in- sudden interest charges fixing to almost about 6 transactions ideal about a similar time Chase executed the boycott.

As per the claim, there are hundreds and conceivably thousands of other Chase clients who were correspondingly met with these unforeseen expenses in their records. While the suit might be about the charges, it wouldn’t astonishment to discover that it’s additionally about the principles.

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