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Image Credit: Financial Times

Jamie Dimon, CEO of JP Morgan Chase, has reignited the debate on cryptocurrency by labeling Bitcoin as a Ponzi scheme, sparking uproar in the financial and crypto communities. Dimon's criticism stems from his belief that Bitcoin lacks intrinsic value and cannot function as a viable currency.

This is not the first time Dimon has expressed skepticism towards Bitcoin, as he has previously called it a fraud and predicted its downfall. Despite his criticism, Dimon acknowledges the value of blockchain technology, particularly smart contracts. Crypto enthusiasts defend Bitcoin's decentralized nature and its role as an inflation hedge, while detractors point to its volatility and susceptibility to fraud.

The reaction from Nigerians on social media reflects a diverse range of opinions, with some agreeing with Dimon's assessment, others defending Bitcoin's utility, and some questioning the traditional banking system's legitimacy in comparison.

The ongoing debate underscores the complex relationship between traditional finance and emerging technologies like cryptocurrency, highlighting the need for continued dialogue and regulation in the evolving financial landscape.
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