JPMorgan Chase CEO Jamie Dimon says crypto tokens are like pet rocks. The manager additionally believes crypto regulation ought to be strengthened, stating: “The regulators who beat up on banks ought to possibly focus a bit of 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 occurring within the financial system. The JPMorgan boss stated:
Crypto is an entire 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 items up.
Pet rocks are simply rocks in customized cardboard bins, marketed as stay rocks in 1975. Over 1 million pet rocks have been bought for $4 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 price a trillion {dollars}.”
Dimon additionally believes that crypto regulation ought to be strengthened. “The opposite factor the American public ought to take a look at … for those who take a look at all of the shopping for and promoting, so if bitcoin is price like beneath a trillion {dollars} in the present day, and we’re not even certain that may be a actual market by the way in which, 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, plenty of AML anti-terrorism financing, tax avoidance, intercourse trafficking, during which what why we enable these items to happen,” he continued, emphasizing:
I feel, you realize, the regulators who beat up on banks ought to possibly focus a bit of extra on crypto.
Whereas downplaying the importance of cryptocurrency, Dimon reiterated his perception in blockchain know-how, stating:
That doesn’t imply blockchain shouldn’t be actual. That doesn’t imply good contracts received’t be actual or Net 3.0 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 informed Congress that crypto tokens like bitcoin are “decentralized Ponzi schemes.” He beforehand stated bitcoin is nugatory and has warned folks to watch out when investing in cryptocurrencies citing that they’ve no 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 various crypto investments to shoppers.
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