Jamie Dimon says bitcoin itself is a 'hyped-up fraud'

The JPMorgan Chase CEO said that cryptocurrencies have been a 'waste of time.'

Bitcoin and other cryptocurrencies have been an unnecessary distraction for investors and the industry is rife with scams, JPMorgan Chase CEO Jamie Dimon said Thursday. "I think all that's been a waste of time... Bitcoin itself has been a hyped-up fraud, a pet rock," Dimon said on CNBC's " Squawk Box .

The hype around this thing has been extraordinary," Dimon said, pointing to FTX and controversies surrounding other crypto firms like Tether. "It's outrageous. The regulators should have stopped this a long time ago," he added. Dimon has been a longtime skeptic of cryptocurrencies, though his bank uses blockchain technology internally. He said that the technology itself has a future even if the tradable coins do not.

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