Bitcoin and other cryptocurrencies are “pet stones” according to Dimon (JPM)


© Reuters.

Investing.com – Jamie Dimon, CEO of investment bank JP Morgan, is outspoken about his aversion to cryptocurrency and other cryptocurrencies, despite the institution he heads developing cryptocurrency-related businesses.

Dimon said Tuesday during an interview on CNBC that cryptocurrencies are not worth the time of serious investors.

“Cryptocurrency is a complete show, okay? And you’re spending too much time on it. And I’ve been crystal clear that cryptocurrency tokens are like pet pebbles,” Dimon said. .

As usual, however, he clearly distinguished between cryptocurrencies on the one hand, and blockchain technology on the other, the latter finding favor in his eyes:

“That doesn’t mean blockchain isn’t real. That doesn’t mean smart contracts won’t be real or web 3.0. But cryptocurrencies that don’t do anything? I don’t know why people spend time [là-dessus]“, he declared.

Mr. Dimon also pointed to the use of cryptocurrencies in criminal activities (a very common argument among cryptocurrency critics), saying that the sector should be subject to increased surveillance by government authorities.

“Regulators who are going after banks maybe should focus a bit more on things like crypto,” Dimon said of the matter.

Finally, regarding recent developments in the cryptocurrency market, BTC is down more than 1% below $17,000, and most cryptocurrencies are also showing losses over the past 24 hours.



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