JPMorgan Chase CEO Jamie Dimon’s Surprising Crypto Analogy
JPMorgan Chase CEO Jamie Dimon’s surprising crypto analogy. JPMorgan Chase CEO Jamie Dimon said that crypto tokens are like pet stones. The director also believes that crypto regulations should be extended, saying, “Investing regulators should focus less on crypto.”
JPMorgan Chase’s Jamie Dimon compared Crypto to Pet Rocks
The president and CEO of the global financial bank JPMorgan Chase, Jamie Dimon, spoke about crypto and its principles in the end of the fall of the crypto exchange FTX in an interview with CNBC on Tuesday. He was asked if the FTX crash was unnecessary or if he thought it was representative of what was happening in the economy. The JPMorgan CEO said:
Crypto is a perfect part, it’s good, and you spend a lot of time on it. I have made my point well that crypto tokens are like stones for pets, people are advertising this.
Pet Stone is just a stone in a custom cardboard box, which was marketed as Living Stone in 1975. More than a million pet stones are sold for $4 each and the fashion is about six months old.
Commenting on US Treasury Secretary Janet Yellen declaring that the FTX failure is “a Lehman moment in crypto,” the CEO of JPMorgan said, “I don’t think it means a Lehman moment. The crypto is worth billions of dollars. “
Dimon also believes that crypto laws should be strengthened. “Another thing that the American public should be looking at… if you look at all the buying and selling, so if bitcoin is worth like less than a trillion dollars today, and we’re not sure that’s a good market by the way, with 20-30 billion ransomware a year that we know of, 20-30 billion currency exchange that we know of, a lot of AML prevention publicity financial fear, tax evasion, sex trafficking, that is why we allow this to happen,” he continued, stressing:
“I think, you know, maybe the bank regulators should focus a little bit on crypto.”
While downplaying the importance of cryptocurrency, Dimon reiterated his belief in blockchain technology, saying:
“This does not mean that blockchain does not exist. That does not mean that smart contracts will not exist or web 3.0, but cryptocurrencies do nothing, I do not understand why people use time.”
Dimon has long been a critic of bitcoin and crypto. In September, he told Congress that crypto-tokens like bitcoin were a “nonsensical Ponzi scheme.” He previously said that bitcoin is worthless and warned people to be careful when investing in cryptocurrencies, saying that they have no real value. In May of last year, he told investors to “stay away” from cryptocurrency.
Although Dimon is skeptical about crypto, his investment bank, JPMorgan, offers many crypto investments for its clients.