{"id":15245,"date":"2022-12-08T03:34:25","date_gmt":"2022-12-08T03:34:25","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/jpmorgan-chase-ceo-jamie-dimon-likens-crypto-to-pet-rocks-calls-for-more-regulation-featured-bitcoin-news\/"},"modified":"2022-12-08T03:34:25","modified_gmt":"2022-12-08T03:34:25","slug":"jpmorgan-chase-ceo-jamie-dimon-likens-crypto-to-pet-rocks-calls-for-more-regulation-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/jpmorgan-chase-ceo-jamie-dimon-likens-crypto-to-pet-rocks-calls-for-more-regulation-featured-bitcoin-news\/","title":{"rendered":"JPMorgan Chase CEO Jamie Dimon Likens Crypto to Pet Rocks \u2014 Calls for More Regulation \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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JPMorgan Chase CEO Jamie Dimon says crypto tokens are like pet rocks. The executive also believes crypto regulation should be strengthened, stating: \u201cThe regulators who beat up on banks should maybe focus a little more on crypto.\u201d<\/strong><\/p>\n

JPMorgan Chase\u2019s Jamie Dimon Compares Crypto to Pet Rocks<\/h2>\n

The chairman and CEO of global investment bank JPMorgan Chase, Jamie Dimon, talked about crypto and its regulation following the collapse of crypto exchange FTX in an interview with CNBC Tuesday.<\/p>\n

He was asked whether the FTX meltdown is contained and does not matter or whether he believes it is a symbol of something larger that is happening in the economy. The JPMorgan boss said:<\/p>\n

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Crypto is a complete sideshow, okay, and you guys spend too much time on it. I\u2019ve made my views perfectly clear about crypto tokens are like pet rocks, and people are hyping this stuff up.<\/p>\n<\/blockquote>\n

Pet rocks are just rocks in custom cardboard boxes, marketed as live rocks in 1975. Over 1 million pet rocks were sold for $4 each and the fad lasted about six months.<\/p>\n

Commenting on U.S. Treasury Secretary Janet Yellen stating<\/a> that the FTX collapse was \u201ca Lehman moment within crypto,\u201d the JPMorgan chief executive opined: \u201cI don\u2019t think she meant a Lehman moment \u2026 Crypto is worth a trillion dollars.\u201d<\/p>\n

Dimon also believes that crypto regulation should be strengthened. \u201cThe other thing the American public should look at \u2026 if you look at all the buying and selling, so if bitcoin is worth like under a trillion dollars today, and we\u2019re not even sure that is a real market by the way, that 20 to 30 billion of ransomware a year that we know about, 20 to 30 billion of exchange costs that we know about, lots of AML anti-terrorism financing, tax avoidance, sex trafficking, in which what why we allow this stuff to take place,\u201d he continued, emphasizing:<\/p>\n

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I think, you know, the regulators who beat up on banks should maybe focus a little more on crypto.<\/p>\n<\/blockquote>\n

While downplaying the significance of cryptocurrency, Dimon reiterated his belief in blockchain technology, stating:<\/p>\n

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That doesn\u2019t mean blockchain is not real. That doesn\u2019t mean smart contracts won\u2019t be real or Web 3.0 but crypto currencies that don\u2019t do anything, I don\u2019t understand why people are spending time.<\/p>\n<\/blockquote>\n

Dimon has long been a critic<\/a> of bitcoin and crypto. In September, he told Congress that crypto tokens like bitcoin are \u201cdecentralized Ponzi schemes<\/a>.\u201d He previously said bitcoin is worthless<\/a> and has warned people to be careful when investing in cryptocurrencies citing that they have no intrinsic value<\/a>. In May last year, he personally advised investors to \u201cstay away<\/a>\u201d from cryptocurrency. While Dimon is skeptical of crypto, his investment bank, JPMorgan, has been offering<\/a> a number of crypto investments to clients.<\/p>\n

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Jamie Dimon<\/a>, jamie dimon bitcoin<\/a>, jamie dimon crypto<\/a>, jamie dimon cryptocurrency<\/a>, Jamie Dimon FTX<\/a>, Jamie Dimon FTX collapse<\/a>, Jamie Dimon SBF<\/a>, JPMorgan Chase crypto<\/a>, JPMorgan Chase cryptocurrency<\/a>, JPMorgan Chase FTX<\/a>, JPMorgan Chase SBF<\/a><\/div>\n<\/div>\n

What do you think about the comments by JPMorgan Chase CEO Jamie Dimon? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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