Jamie Dimon, CEO of JPMorgan Chase, repeatedly criticized cryptocurrency before a House Oversight Committee hearing on the 26th and compared cryptocurrency to the Ponzi method.”I’m skeptical about cryptocurrency tokens like bitcoin. “They are distributed ponzi schemes,” he said, pointing to billions of dollars lost annually through encryption-related hacking and how cryptocurrencies are used for crimes such as ransomware payments, money laundering and sex trafficking.”And the idea that it’s good for everyone is incredible,” Dimon added.But when asked what is the biggest obstacle that prevents JPMorgan from becoming more active in crypto space, Dimon said he was not skeptical of other innovations like blockchain technology itself, distributed finance (DeFi), or “token to do something” used to trade money and other information.”There will be no problem with the proper regulation of stable coins like money market funds,” Dimon said of a bill aimed at regulating stable coins or cryptographic assets that will not fluctuate by retaining value in other assets such as the U.S. dollar.On most days, stable coins account for 75 to 95 percent of the total transaction volume in the cryptocurrency market. Traders are using the assets to protect encryption profits during periods of increased volatility. According to DeFiLama, StableCoin alone is a $152 billion market, with Tether (USDT), the largest distribution supply, accounting for 44.5 percent of the market and USDC, the circle, accounting for 32.4 percent.Although its use is unknown outside of interbank transfers, Dimon noted that JPMorgan has its own stablecoin-like assets.Launched in 2019, JPM coins will be used for cross-border payments, liquidity funds and corporate financial services between banks and customers in a closed system.”JPMorgan, we’re big blockchain users,” Dimon said.-
Jamie Dimon, chairman and CEO of JPMorgan Chase, who calls crypto tokens a “distributed ponzi scheme,” spoke in cryptocurrency before a House committee oversight hearing.yahoo.com
Jamie Dimon, chairman and CEO of JPMorgan Chase, who calls crypto tokens a “distributed ponzi scheme,” spoke in cryptocurrency before a House committee oversight hearing.yahoo.com
