JPMorgan Chase CEO Jamie Dimon Likens Crypto to Pet Rocks — Calls for More Regulation

JPMorgan Chase CEO Jamie Dimon says crypto tokens are similar favored rocks. The enforcement besides believes crypto regularisation should beryllium strengthened, stating: “The regulators who bushed up connected banks should possibly absorption a small much connected crypto.”

JPMorgan Chase’s Jamie Dimon Compares Crypto to Pet Rocks

The president and CEO of planetary concern slope JPMorgan Chase, Jamie Dimon, talked astir crypto and its regularisation pursuing the illness of crypto speech FTX successful an interrogation with CNBC Tuesday.

He was asked whether the FTX meltdown is contained and does not substance oregon whether helium believes it is simply a awesome of thing larger that is happening successful the economy. The JPMorgan brag said:

Crypto is simply a implicit sideshow, okay, and you guys walk excessively overmuch clip connected it. I’ve made my views perfectly wide astir crypto tokens are similar favored rocks, and radical are hyping this worldly up.

Pet rocks are conscionable rocks successful customized cardboard boxes, marketed arsenic unrecorded rocks successful 1975. Over 1 cardinal favored rocks were sold for $4 each and the fad lasted astir six months.

Commenting connected U.S. Treasury Secretary Janet Yellen stating that the FTX illness was “a Lehman infinitesimal wrong crypto,” the JPMorgan main enforcement opined: “I don’t deliberation she meant a Lehman infinitesimal … Crypto is worthy a trillion dollars.”

Dimon besides believes that crypto regularisation should beryllium strengthened. “The different happening the American nationalist should look astatine … if you look astatine each the buying and selling, truthful if bitcoin is worthy similar nether a trillion dollars today, and we’re not adjacent definite that is simply a existent marketplace by the way, that 20 to 30 cardinal of ransomware a twelvemonth that we cognize about, 20 to 30 cardinal of speech costs that we cognize about, tons of AML anti-terrorism financing, taxation avoidance, enactment trafficking, successful which what wherefore we let this worldly to instrumentality place,” helium continued, emphasizing:

I think, you know, the regulators who bushed up connected banks should possibly absorption a small much connected crypto.

While downplaying the value of cryptocurrency, Dimon reiterated his content successful blockchain technology, stating:

That doesn’t mean blockchain is not real. That doesn’t mean astute contracts won’t beryllium existent oregon Web 3.0 but crypto currencies that don’t bash anything, I don’t recognize wherefore radical are spending time.

Dimon has agelong been a critic of bitcoin and crypto. In September, helium told Congress that crypto tokens similar bitcoin are “decentralized Ponzi schemes.” He antecedently said bitcoin is worthless and has warned radical to beryllium cautious erstwhile investing successful cryptocurrencies citing that they person no intrinsic value. In May past year, helium personally advised investors to “stay away” from cryptocurrency. While Dimon is skeptical of crypto, his concern bank, JPMorgan, has been offering a fig of crypto investments to clients.

What bash you deliberation astir the comments by JPMorgan Chase CEO Jamie Dimon? Let america cognize successful the comments conception below.

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