Jamie Dimon has criticized Bitcoin many times and this week he did it again. He also defended the proposal for stricter regulations for stablecoins.
- JPMorgan CEO remains skeptical of Bitcoin.
- He said cryptocurrencies are “decentralized Ponzi schemes.”
- He is in favor of “proper” regulation for stablecoins.
- He is not skeptical of DeFi and Blockchain.
Jamie Dimon, the chief executive officer of the US bank JPMorgan has long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. been a detractor of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies. Although he has recognized their potential and has even praised the technology Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. underlying the new asset class, he has said on several occasions that he has no interest in the new asset class. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. or any other crypto.
This week, during a U.S. congressional hearing, Dimon echoed his comments and admitted to being a “ cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. skeptic “. According to a informe de Bloomberg The director, who quoted the statements, also did not mince his words when it came to stating his position in favour of a stricter regulatory approach for the sector.
“ I’m a big skeptic about cryptocurrency tokens, which you call currency, like Bitcoin. “, the CEO said in testimony before U.S. lawmakers on Wednesday. “ They are decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. Ponzi schemes “ he added, warning that they are dangerous.
The U.S. House Financial Services Committee held a hearing on bank oversight Wednesday. Dimon and a half-dozen other CEOs of the nation’s largest banks participated in the meeting.
Stablecoins should be regulated
The CEO of the financial giant of Wall Street also addressed stable currencies, arguing during the hearing that such technology should be “ properly regulated regulation is when something is controlled by a specific set of rules. “, as reported byThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain..
Specifically, Dimon testified in response to comments from Rep. Josh Gottheimer, who spoke about the development of cryptocurrencies and the need for the U.S. to promote technological innovation. The New Jersey representative also referenced his own bill to regulate cryptocurrencies. stablecoins seeking Dimon’s opinion.
“ There would be nothing wrong with a proper stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. -just like a money market an area or arena, online or offline, in which commercial dealings are conducted. fund- duly regulated “, said the CEO and warned that there are currently assets of this type that are not regulated. “ It’s equivalent to a money market fund, you have to look at it exactly the same way in terms of disclosure, backing, gates and a lot of different things.”
Dimon also mentioned the digital currency currency is a medium of exchange that defines value. of JPMorgan as an example. “ It is a dollar deposit “which can be exchanged for U.S. currency. ” It can move the same way cryptocurrencies move. Stable value, very low cost “.
As he points outThe BlockThe comment came after the unveiling of a new bill that would ban the broadcast of stablecoins collateralized that are not backed by cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. or liquid assets, similar to algorithmic currency TerraUSD which collapsed in May. Banking regulators and the Federal Reserve would be left in charge of overseeing the sector.
Bitcoin no, Blockchain sí
Despite his history of criticism of cryptocurrencies, Dimon’s stance in general has been somewhat ambiguous. As he recalls Decrypt the executive was one of the first to oppose the Bitcoin in 2014, when he said in an interview for CNBC that this digital asset was “ a terrible store of courage “and three years later he called it “ fraud “.
The CEO reiterated this sentiment the sentiment is the overall mood and attitude of traders and investors in regard to a particular asset or the whole market. last year, when he said that Bitcoin had no intrinsic value despite the fact that, at the time, its price was close refers to the closing price; similar to the same term used in stock trading. to USD $60,000. Shortly before that, he had already recommended to investors that they should “ kept away ” of cryptocurrencies and had also anticipated stricter regulations for that market.
Interestingly, while he has expressed disinterest in and questioned aspects of the flagship cryptocurrency, such as its limited supply, Dimon has admitted that Bitcoin could skyrocket in price and even challenge banks. At the same time, the executive has praised its underlying technology, recognizing its potential in various sectors.
“ DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. and Blockchain are real technologies “ , dijo in April. Before admitting skepticism to Congress this week, Dimon made sure to differentiate blockchain technology from digital assets and confirmed his interest in these developments. The news outletCryptoGlobequoted his statements:
You have to separate Blockchain, which is real DeFi, which is real ledgers [that serve to] deliver information, money, ideas, simplify smart contracts. That’s one thing. I’m not a skeptic [of that]. .
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Article by Hannah Estefania Perez / DiarioBitcoin
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