JPMorgan CEO says stablecoins must be adequately regulated, criticizing bitcoin as a ponzi

JPMorgan CEO Jamie Dimon continued to be significant of Bitcoin and the cryptocurrency sector in common.

JPMorgan boss when once more calls himself a large cryptocurrency skeptic. Jamie Dimon admitted this throughout a hearing ahead of the House Financial Services Committee, which followed the Fed fee hike and Fed Chairman Jerome Powell’s speech, which sparked a shockwave in the cryptocurrency sector. shake “on the morning of September 22nd.

JPMorgan CEO mentioned the purpose he does not truly feel good about cryptocurrencies is largely due to the lack of regulation even outdoors the regulatory framework, which could bring about cryptocurrencies to pose a risk to the economic program. US. .

“There is almost nothing incorrect with a stablecoin, like a adequately managed revenue market place fund. However, it is vital to clarify the situations that operate in this route “.

Jamie Dimon’s remarks come the day just after it was reported that US lawmakers had drafted a new stablecoin bill that would temporarily ban LUNA-UST-type algorithmic stablecoins for two many years. Referring to this subject, the CEO of JPMorgan did not fail to remember to “advertise” for the currency designed by the financial institution itself, JPM Coin, for instance.

“Send us JPM Coin, we will give you a USD. It is a dollar deposit. JPM Coin can be traded as is cryptocurrency. Stable worth at pretty very low price.

Also, Mr. Jamie Dimon has harsher phrases for other cryptocurrencies stating that Bitcoin is exceptionally hazardous and that most of the present tasks on the market place are Ponzi.

Jamie Dimon: Crypto Tokens Are “Decentralized Ponzi Schemes” https://t.co/HSVcL88ZY4 pic.twitter.com/sphtTLHb0P

– Bloomberg Crypto (@crypto) September 22, 2022

“I’m a big skeptic of most tokens, what you call money, like Bitcoin. They are decentralized Ponzi schemes ”.

Indeed, this is not the initial time that the CEO of JP Morgan has created this kind of offensive statements and hostile attitudes in direction of Bitcoin, in the previous it has been identified as a main influence in the economic sector that “hates” Bitcoin. “Persistent Bitcoin. What’s exciting, having said that, is that the rise in BTC rates above time has survived and triumphed above Jamie Dimon’s additional pessimistic arguments.

Jamie Dimon on BTC:

2014: “terrible store of value”
2015: “will not survive” “will be stopped”
2016: “don’t go anywhere”
2017: “a fraud”
2018: “I don’t really give a shit”
2019: [JPMCoin launch]
2020: “it’s not my cup of tea”
2021: “I don’t care” “stupid gold” “worthless”

BTC: pic.twitter.com/ya6ZeDgqrr

– Ryan Selkis (@twobitidiot) 11 October 2021

Synthetic currency 68

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