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Bitcoin Is A Fraud That Will Blow Up – JPMorgan Chase CEO

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The CEO of JPMorgan Chase and Co., Jamie Dimon speaking against the steadily growing cryptocurrency, Bitcoin said, “Bitcoin is a fraud that will ultimately blow up.” He added the digital currency was only fit to be used by drug dealers, murderers and people living in places such as North Korea.

In the past couple of years, the digital currency has gained a lot of traction with a five fold increase in its price since the start of 2017. Bitcoin hit a record high price, close to $ 5000 at the start of the month and has been growing steadily ever since. First created in 2009, cryptocurrency can be defined as a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. But, according to Dimon, the currency will not work because people can’t invent a currency out of thin air and think that people who are buying it are smart. The CEO also threatened to fire any of his traders found to be trading in the digital cash. The banker also revealed his daughter had bought Bitcoins which saw a rise in value.

At a New York investor conference, Dimon argued that even if there was a market for Bitcoins, which emerged in the aftermath of the financial crisis, it would be a limited market which included drug dealers, murderers and people from places like Venezuela or Ecuador or North Korea. The digital currency allows people to bypass banks and traditional payment processes to pay for goods and services but has also been associated with money laundering and online crime. The value of Bitcoin, which quadrupled since December, fell by 5% after Dimon’s remarks.

So far, China and UK have criticized Bitcoins and cryptocurrencies. The Chinese government has banned the issuance of new digital coins for fundraising purposes such as Initial Coin Offerings (ICO) and reports suggest the Chinese authorities might ban the domestic exchange of bitcoins as well. Britain’s Financial Conduct Authority, on the other hand, issued an official warning on ICOs asking investors to be aware of the risks involved and be prepared to lose their entire stake.

Market analysts agree Bitcoin has been on an incredible run and many on Wall Street have also started to embrace cryptocurrency. Bitcoin has soared 315% this year and is expected to surge up to $6 000 by next year. Bitcoin is the original cryptocurrency which was created by Craig Steven Wright from Australia. Ethereum, Ripple and Litcoin are some of the other most common cryptocurrencies available in the markets today.

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Imarticus Learning Acquires MyCaptain for INR 50 Crore to Boost Non-Tech Upskilling

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My Captain

Imarticus Learning, an IPO-bound professional education firm, has acquired Bengaluru-based edtech platform MyCaptain for INR 50 crore in a cash-and-stock deal. This marks Imarticus’s fourth acquisition in four years and is aimed at expanding its presence in non-tech career training, especially across India’s Tier-II and Tier-III cities. MyCaptain, which has over 500,000 learners and a revenue of ₹27 crore for FY25, specializes in creative and entrepreneurial fields, with 60% of its users from smaller cities.

 

With this acquisition, Imarticus will bring MyCaptain’s employability bootcamps in digital marketing, design, and content to its 20+ classroom centers in 16 cities, blending online and offline learning. MyCaptain will operate as a fully-owned subsidiary, and all 250 of its employees will join Imarticus, expanding the combined workforce to over 850. The move supports Imarticus’s goal to reach five million learners by FY28 and deepen its offerings in non-tech domains.

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Kingdom of Innovation: Saudi Arabia Tops Global Startup Growth Rankings for 2025

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Saudi Arabia has been named the fastest-growing startup ecosystem in the world in the 2025 StartupBlink Global Startup Ecosystem Index, with a growth rate exceeding 200%—the only country in the global top 100 to achieve this milestone. This surge has earned the Kingdom the “Country of the Year” title, highlighting its transformation into a global innovation leader.

The report ranks 110 countries and 1,400 cities, with three Saudi cities—led by Riyadh—making the global top 1,000. Riyadh entered the world’s top 100 startup cities, posting a 134% growth rate, and solidifying its role as a regional tech hub.

Saudi Arabia now leads globally in HealthTech, nanotechnology, and transport tech, and ranks among the top in sectors like fintech, e-commerce, logistics, and gaming. The Kingdom’s rapid progress is fueled by Vision 2030, robust government support, and record venture capital investment, making it the most funded VC market in MENA.

Startups such as Tabby, Tamara, and Jahez exemplify this momentum, as Saudi Arabia emerges as a top destination for innovation and entrepreneurship.

 

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SC Grants Relief to Paytm’s First Games, Stays Massive GST Notice

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StartupStories

The Supreme Court of India has granted interim relief to Paytm’s gaming arm, First Games, by staying proceedings on a ₹5,712 crore GST notice issued by the Directorate General of GST Intelligence (DGGI). The notice, sent in April 2025, demanded GST for the period January 2018 to March 2023, based on the department’s view that 28% GST should be levied on the total entry amount, rather than the 18% GST currently paid on platform fees.

First Games challenged the notice in the Supreme Court, which on May 23, 2025, ordered a stay on all further proceedings until a final decision is reached. The dispute is part of a broader industry-wide debate over the correct GST treatment for real money gaming platforms, with similar cases pending before the court. Following the stay, Paytm shares rose nearly 2% in early trading, reflecting investor optimism.

The Supreme Court’s order provides temporary relief to First Games and signals ongoing judicial scrutiny of GST demands across India’s online gaming sector.

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