“I think it’s a pyramid scheme. It makes no sense. I’m just surprised it isn’t even lower,” he said on “Squawk on the Street.”
Kovacevich joins a growing list of bankers who have denounced the crytopcurrency craze.
In September, Dimon called bitcoin a fraud.
In a Fox Business interview last week, he said he regrets making that comment, but added he’s “not interested that much in the subject at all.”
Kovacevich does not see bitcoin as an outright fraud.
“There’s no fraudulent thing going on. It’s just a pyramid scheme,” he said. “You’re betting that somebody is going to buy it. And some people have been right.” […]