JP Morgan CEO Compares Crypto to Collecting ‘Pet Rocks’: ‘A Complete Sideshow’

JPMorgan Chase CEO Jamie Dimon compares cryptocurrencies to collecting “pet rocks” on Tuesday in a brutal takedown of the entire struggling market.

Dimon appeared on a CNBC panel and criticized media outlets for the media coverage of the collapse of FTX.

“I think crypto is a complete sideshow. You guys spend too much time on it, and my view is pretty clear on it. Crypto tokens are like pet rocks,” he said

The CEO clarified he was not saying the blockchain technology is worthless but called crypto tokens currently completely useless. He also called on regulators to be looking more into cryptocurrencies before they look into banks.

“The other thing the American public should look at when we look at crypto, if we look at all the buying and selling … $20 to $30 billion of ransomware that we know about, $20 to $30 million of exchange costs that we know about, lots of AML, terrorism financing, tax avoidance, sex trafficking. Why do we allow this stuff to take place?” he said.

Squawk Box co-host Joe Kernen did push back on this point, arguing crypto only accounts for a small percentage of the crimes Dimon mentioned, crimes that were still happening long before crypto came along.

Dimon has long been critical of cryptocurrencies, having previously referred to them as a “decentralized Ponzi scheme.”

“They are decentralized Ponzi schemes, and the notion that it’s good for anybody is unbelievable,” Dimon told lawmakers in September.

On Tuesday, Dimon also predicted a potential “mild or hard recession” soon thanks to inflation.

“When you’re looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about,” the CEO said at the time.

Watch above via CNBC