Jamie Dimon, CEO of JPMorgan Chase, says crypto tokens are like pet rocks. The executive also believes crypto regulation needs to be tightened, stating that “regulators attacking banks should probably focus a little more on crypto.”
JPMorgan Chase’s Jamie Dimon Compares Crypto to Pet Rocks
Jamie Dimon, chairman and CEO of global investment bank JPMorgan Chase, spoke to CNBC on Tuesday about cryptocurrencies and their regulation following the collapse of crypto exchange FTX.
He was asked if he believed the FTX meltdown was contained and out of question, or if he believed it was a symbol of something bigger going on in the economy. said to
Cryptocurrency is a complete entertainment, you guys are spending too much time on it. I have made my view completely clear about crypto tokens being like pet rocks and people promoting this.
Pet Rock is a rock in a custom cardboard box sold as Live Rock in 1975.
Comments to US Treasury Secretary Janet Yellen state JP Morgan’s CEO said the FTX collapse was a “Lehman Moment in cryptocurrency,” saying, “I don’t think she meant a Lehman Moment…Crypto could hit the $1 trillion mark.” It’s worth it,” he said.
Dimon also believes crypto regulation needs to be tightened. “Another thing the American public should watch out for is … if you look at all the buying and selling, if bitcoin is worth less than $1 trillion today and we don’t even know if it’s a real market, what are we going to do? 20-30 billion annual ransomware we know of, 20-30 billion currency exchange costs we know of, massive AML anti-terrorism financing, tax evasion, sex trafficking.” emphasized like
You know, regulators attacking banks should probably focus a little more on cryptocurrencies.
While downplaying the importance of cryptocurrencies, Dimon reiterated his belief in blockchain technology, stating:
This does not mean that blockchain is not real. That doesn’t mean smart contracts won’t be real or Web 3.0, but I don’t understand why people are spending their time with cryptocurrencies that do nothing.
Damon has been around for a long time critic bitcoin and crypto. In September, he told Congress that crypto tokens like Bitcoin are “Decentralized Ponzi scheme’” He previously said that Bitcoin worthless And warned people to be careful when investing in cryptocurrencies, citing that they have no intrinsic valueLast May, he personally advised investors:awayfrom cryptocurrencies.Dimon is skeptical of cryptocurrencies, but his investment banker JP Morgan Recruitment Numerous crypto investments for clients.
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