Once again JP Morgan boss Jamie Dimon is calling out the cryptocurrency industry.

He may be vindicated, given the spectacular fall of FTX, headed by 30-year-old Sam Bankman-Fried.

The cryptocurrency industry, once valued at US$3 trillion, is down to US$800 billion.

Speaking with CNBC earlier today, Dimon likened cryptocurrencies to “pet rocks” and called for greater regulation of the industry.

‘CRYPTO TOKENS ARE LIKE PET ROCKS’

“I think crypto is a complete sideshow. Crypto tokens are like pet rocks.

“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?”

Last month, Bitcoin hit a two-year low as a result of the contagion from FTX. Bankman-Fried’s crypto empire, once valued at US$32 billion, has collapsed with 1.2 million registered users unlikely to get their money back.

The crypto winter is here and it is real. 

On crypto, Dimon, estimated to be worth US$1.6 billion, continued: “We’re not even sure crypto is a real market. I didn’t want to be the spokesman against Bitcoin. I don’t really give a s…- that’s the point, OK?’