JPMorgan Chase CEO Jamie Dimon says crypto tokens are like pet rocks. The chief additionally believes crypto regulation must be strengthened, stating: “The regulators who beat up on banks ought to possibly focus a bit extra on crypto.”
JPMorgan Chase’s Jamie Dimon Compares Crypto to Pet Rocks
The chairman and CEO of worldwide funding financial institution JPMorgan Chase, Jamie Dimon, talked about crypto and its regulation following the collapse of crypto change FTX in an interview with CNBC Tuesday.
He was requested whether or not the FTX meltdown is contained and doesn’t matter or whether or not he believes it’s a image of one thing bigger that’s taking place in the economic system. The JPMorgan boss mentioned:
Crypto is a whole sideshow, okay, and also you guys spend an excessive amount of time on it. I’ve made my views completely clear about crypto tokens are like pet rocks, and individuals are hyping these things up.
Pet rocks are simply rocks in customized cardboard containers, marketed as stay rocks in 1975. Over 1 million pet rocks have been bought for $four every and the fad lasted about six months.
Commenting on U.S. Treasury Secretary Janet Yellen stating that the FTX collapse was “a Lehman second inside crypto,” the JPMorgan chief govt opined: “I don’t suppose she meant a Lehman second … Crypto is value a trillion {dollars}.”
Dimon additionally believes that crypto regulation must be strengthened. “The opposite factor the American public ought to take a look at … in the event you take a look at all of the shopping for and promoting, so if bitcoin is value like below a trillion {dollars} immediately, and we’re not even positive that could be a actual market by the best way, that 20 to 30 billion of ransomware a 12 months that we learn about, 20 to 30 billion of change prices that we learn about, a number of AML anti-terrorism financing, tax avoidance, intercourse trafficking, in which what why we enable these things to happen,” he continued, emphasizing:
I feel, you realize, the regulators who beat up on banks ought to possibly focus a bit extra on crypto.
Whereas downplaying the importance of cryptocurrency, Dimon reiterated his perception in blockchain know-how, stating:
That doesn’t imply blockchain will not be actual. That doesn’t imply sensible contracts received’t be actual or Internet 3.zero however crypto currencies that don’t do something, I don’t perceive why individuals are spending time.
Dimon has lengthy been a critic of bitcoin and crypto. In September, he instructed Congress that crypto tokens like bitcoin are “decentralized Ponzi schemes.” He beforehand mentioned bitcoin is nugatory and has warned folks to watch out when investing in cryptocurrencies citing that they don’t have any intrinsic worth. In Could final 12 months, he personally suggested traders to “keep away” from cryptocurrency. Whereas Dimon is skeptical of crypto, his funding financial institution, JPMorgan, has been providing a lot of crypto investments to purchasers.
What do you consider the feedback by JPMorgan Chase CEO Jamie Dimon? Tell us in the feedback part under.
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