“Bitcoin is a scam,” said Daniel Pinto, president of JPMorgan Bank.
In a statement on the sidelines of the Davos forum, Pinto explained that “cryptocurrencies are different from blockchain technology, which is a technical system for the transfer of information and is used to transfer money, and we believe that this is a book of accounts that can be published. ”, given that “all cryptocurrencies are nothing but a plan.” Ponzi (a form of scam that attracts new investors and pays their money back to previous investors).
He indicated that he was not surprised by the collapse of the FTX currency, recalling that he had previously described the currency as a “decentralized Ponzi scheme”, pointing out that “encryption itself does nothing.”
Source: cnbc