.jpmorgan says crypto is a complete 'sideshow'
The banker has pointed to the fact that Bitcoin is widely used for ransomware, tax avoidance, money laundering and other nefarious activities.However, this criticism does not mean that smart contracts or blockchain are not real, Dimon says.
The head of America's largest bank has been rather bullish on blockchain technology for quite a while. In October, he its ability to"disintermediate" different parts of banking despite calling Bitcoin"dirty and expensive."Cryptocurrency skeptics feel vindicated this year, with cryptocurrencies losing most of their value during the ongoing crypto winter. The Federal Reserve's aggressive monetary policy, which has battered risky assets, is believed to be one of the key reasons behind crypto's disastrous performance.
In the interview, Dimon predicts that the Fed will hike the benchmark interest rate to 5% before taking a pause.
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