Jamie Dimon, the chairman and CEO of Wall Street funding financial institution JPMorgan, has taken one other swing at cryptocurrencies, with a selected deal with bitcoin (BTC), telling the U.S. Congress that cryptos had been “decentralized Ponzi schemes”. At the identical time, Dimon stated he accepts the added worth of blockchain, decentralized finance (DeFi), “tokens that do something”, and controlled stablecoins.
The newest improvement confirms the banker’s popularity amongst crypto business observers, lots of which see him as a legacy finance advocate keen to go to lengths to blast cryptocurrencies. In his current testimony earlier than Congress, Dimon advised a lawmaker he’s “a major skeptic on crypto tokens, which you call currency, like bitcoin,” as reported by Bloomberg.
Last October, Dimon criticized bitcoin, saying his private view on the highest crypto was that it was “worthless.” The govt did, nevertheless, add that JPMorgan’s purchasers had been “adults,” and he was ready to offer them “as clean as possible access” to the coin – though his agency couldn’t presently “custody” BTC.
In line with the stance he lately introduced to American lawmakers, the banker wrote in his April 2022 letter to JPMorgan’s shareholders that “[d]ecentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not.”
In 2020, JPMorgan ventured into the blockchain sector by launching its personal token, JPM Coin, designed by the monetary large to immediately settle funds between institutional purchasers.
Earlier this yr, the financial institution additionally unveiled its deal with the metaverse, claiming that “when you think about the economics of the metaverse—or metanomics—there are opportunities in almost every market area” and it will also provide “a massive opportunity for business-to-business enterprises.”