JPMorgan CEO calls crypto tokens ‘pet rocks’

JPMorgan & Chase Co. CEO Jamie Dimon called crypto “a implicit sideshow” and likened the integer plus tokens to “pet rocks.”

The comments came during a CNBC interrogation successful which helium besides disparaged the media outlet for its extended sum of the crypto industry.

Regulators should absorption connected crypto, not banks

Dimon said the Bitcoin and altcoin marketplace caps, referring to the former’s monetary worth arsenic typical of the full industry.

“So Bitcoin is worthy nether a trillion dollars today, and we’re not definite that’s a existent market, by the way.”

To further enactment his stance connected the matter, Dimon turned to the purported prevalence of illicit enactment wrong the industry, including cybercrime, speech tokens, and taxation avoidance.

“There’s 20 to 30 cardinal of ransomware that we cognize about, 20 to 30 cardinal of speech coins that we cognize about, tons of AML, violent financing, taxation avoidance, enactment trafficking, wherefore bash we let this worldly to instrumentality place?”

With that, helium called connected regulators to absorption their attraction connected the crypto industry, and not connected the banks.

JPMorgan betting connected crypto?

In 2017, Dimon appeared to soften his stance toward crypto by acknowledging that galore of JPMorgan’s clients person an concern involvement successful the sector.

“They disagree [with me]. That’s what makes markets. So, if they privation to person entree to bargain yourself bitcoin, we can’t custody it but we tin springiness them legitimate, arsenic cleanable arsenic possible, access.”

In November, JPMorgan signaled its support for the crypto manufacture by completing its archetypal cross-border transaction connected Polygon.

The transportation was portion of a aviator programme overseen by the Monetary Authority of Singapore, which besides progressive DBS Bank and SBI Digital Asset Holdings, for the intent of exploring imaginable DeFi usage cases successful the wholesale backing markets.

The determination was wide acknowledged arsenic accepted concern coming astir to the thought of utilizing decentralized concern arsenic a instrumentality for modernizing planetary monetary trade.

But going backmost to Dimon’s caller CNBC comments, the aviator programme was apt sanctioned done gritted teeth, alternatively than motivated by a beardown content successful the benefits of crypto.

The station JPMorgan CEO calls crypto tokens ‘pet rocks’ appeared archetypal connected CryptoSlate.