JPMorgan Chase CEO Jamie Dimon said: Crypto tokens are like pets, says Rock. 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 JPMorgan Chase, a global investment bank, FTX in an interview with CNBC on Tuesday, talking about cryptocurrencies and their regulation after the collapse of currency exchanges.
He was asked if 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. JP Morgan’s boss said:
Cryptocurrency is a complete sideline, okay, you’re 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 rocks are , a rock in a custom cardboard box sold as Live Rock in 1975.
Responding to US Treasury Secretary Janet Yellen’s statement that the collapse of FTX was the “Lehman Moment in cryptocurrency,” JP Morgan CEO said: dollar.
Dimon also believes that cryptocurrency regulation needs to be tightened. “Another thing for the American public to see 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, we don’t know. 20-30 billion annual ransomware, 20-30 billion exchange costs, massive AML anti-terrorism financing, tax evasion, sex trafficking, why are we allowing this to happen?
I think regulators attacking banks should 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 blockchains are not real. That doesn’t mean it’s not real or Web 3.0, but I don’t understand why people are wasting their time with cryptocurrencies that do nothing.
Dimon has long been involved with bitcoin and cryptocurrencies. In September, he told Congress that crypto tokens like Bitcoin are a “decentralized Ponzi scheme.” He warned people to be careful when investing in cryptocurrencies, as they have no intrinsic value. Last May, he personally advised investors to “stay away” from cryptocurrencies. Dimon is skeptical of cryptocurrencies, but his investment bank, JP Morgan, has offered clients a number of cryptocurrency investments.
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