JPMorgan CEO Calls Stablecoins Should Be Properly Regulated, Criticizes Bitcoin As A Ponzi
JPMorgan CEO Jamie Dimon has continued to be critical of Bitcoin and the crypto industry.
— Bloomberg Crypto (@crypto) September 22, 2022
JPMorgan CEO calls crypto ‘decentralized Ponzi schemes’
The boss of JPMorgan is once again calling himself a huge crypto skeptic. Jamie Dimon admitted this during a hearing before the House Financial Services Committee, which followed the Fed’s rate hike and Fed Chair Jerome Powell’s speech, which sent shockwaves across the crypto industry. shake” on the morning of September 22.
The JPMorgan CEO argued that he feels so negative about crypto largely due to the lack of regulation outside the regulatory framework, which could cause cryptocurrencies to threaten the US financial system. “There is nothing wrong with a stablecoin, like a properly managed money market fund. However, we need to clarify the cases that operate in such a direction”, he stated.
Jamie Dimon’s comments come a day after it was reported that US lawmakers had drafted a new stablecoin bill that would temporarily ban LUNA-UST-style algorithmic stablecoins for two years. Referring to this topic, the CEO of JPMorgan did not forget to “advertise” the coin developed by the bank itself, JPM Coin, as an example: “Send us JPM Coin, we will give you one USD. It is a dollar deposit. JPM Coin can be traded the way crypto is. Stable value at a very low cost.
In addition, Dimon has even more harsh words for other cryptocurrencies with the statement that Bitcoin is extremely dangerous and that most of the existing projects on the market are Ponzi. “I’m a major skeptic about most tokens, what you’re calling money, like Bitcoin. They are decentralized Ponzi schemes.”
Jamie Dimon on BTC:
2014: “terrible store of value”
2015: “will not survive” “will be stopped”
2016: “going nowhere”
2017: “a fraud”
2018: “don’t really give a shit”
2019: [JPMCoin launch]
2020: “not my cup of tea”
2021: “I have no interest in it” “fool’s gold” “worthless”
— Ryan Selkis 🥷 (@twobitidiot) October 11, 2021
This is not the first time that the CEO of JP Morgan has made such offensive statements and hostile attitudes towards Bitcoin; in the past, he has been known as a great influence in the financial industry who “hates” Bitcoin. “Persistent Bitcoin. What is interesting, however, is that the price increase of BTC over time has survived and triumphed over the most pessimistic arguments of Jamie Dimon.
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