Chase CEO Calls Bitcoin ‘Hyped-Up Fraud … A Pet Rock’

WASHINGTON, DC - SEPTEMBER 21:  Chairman and CEO of JPMorgan Chase & Co. Jamie Dimon testifies during a hearing before the House Committee on Financial Services at Rayburn House Office Building on Capitol Hill on September 21, 2022 in Washington, DC. The committee held a hearing on “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks.” (Photo by Alex Wong/Getty Images)

At a glance

  • 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 was 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. “Bitcoin itself is a – is a hyped up fraud. It’s a pet rock.”

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