JPMorgan CEO Jamie Dimon clashed with CNBC host Joe Kernen about Bitcoin sooner than telling him they must “drop the subject.”

All through a are living interview on the World Financial Forum in Davos, Switzerland, Aaron Ross Sorkin mentioned Bitcoin to the longtime cryptocurrency critic.

“We pretty much at all times have some crypto dialog with you,” Sorkin began. “I’m simply curious as a result of –”

“I believe all that’s been a waste of time,” Dimon interrupted. “And why you guys waste any breath on that is definitely past me.”

Sorkin and Kernen asked Dimon if he thinks the fee of Bitcoin will drop to $zero.

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

Sorkin requested about huge companies which might be investing in crypto infrastructure.

“That’s totally different,” Dimon stated. “Blockchain is a expertise ledger device that we use to maneuver information. We’ve used it to do in a single day or intraday repo. We’ve used it to maneuver cash. So, that may be a ledger.”

“There are tokens that I consider you on,” Kernen stated. “However Bitcoin’s based on a allotted ledger. It has the entire traits of a store of worth. It’s immutable, it’s scarce –”

“Completely untrue,” the CEO interjected.

Sorkin asked concerning the downfall of the crypto firm FTX.

“What’s your response to the failure of FTX and all that?” he requested.

“I’m not stunned at all,” he answered. “I known as it a decentralized Ponzi scheme. The hype round this factor has been exceptional.”

He brought, “Regulators should’ve stopped this thing a very long time in the past.”

“However Jamie,” Kernen protested, “there’s a difference between pronouncing, ‘FTX is a decentralized Ponzi scheme,’ and saying that, ‘Crypto itself is a Ponzi scheme.’”

“Crypto itself, it doesn’t do anything else,” Dimon reiterated. “Guys, I don’t care about Bitcoin so we should simply drop the topic.”

It’s now not the first Dimon likened cryptocurrency to “pet socks,” having done so in December whereas calling it a “complete sideshow.”

Watch above by means of CNBC.

The submit ‘Totally Unfaithful’: Jamie Dimon Argues with CNBC Anchor After Calling Bitcoin a ‘Hyped-Up Fraud’ first regarded on Mediaite.