JAMIE DIMON FEELS THREATENED BY BLOCKCHAIN TECHNOLOGY
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Jamie Dimon said crypto is a decentralized Ponzi scheme and I think he feels threatened by some of these technologies, specifically technologies around payment systems because banks make their money transferring assets. Banks only care about the money they are making and not the opinion of other people. When you transfer crypto from one wallet to another wallet for payment of goods and services, the banks make no money. They want to be able to make money from those frictions, that is why they don't like crypto that much.
If we could use a stablecoin that is regulated and approved by both sides of the transactions, it will much more transparent and faster than banks. This is not about speculation on the price of an asset, it is about reducing the fees of how the world economy works. It will be more transparent, faster, totally auditable, and regulated and the beautiful past is it is cheaper. Jamie Dimon feels threatened because that is how he makes his money. The reason the crypto market is still in a less momentum state is the lack of regulations that keeps institutional investors out of the space.
Most of these big institutions are waiting for regulations before they invest in the crypto market and the sovereign wealth fund put about 3% of their money into some projects in the crypto industry, that is a huge demand but we can not see that until we get some policy. The sovereign wealth fund is never going to go against the SEC until these rules have been determined. In the next 12 months, something is going to break in policy and I it think is the stablecoin transparency act. If stablecoin is backed by the US dollar were regulated, it will open up to the sovereign wealth fund in a short time. The right time to be investing is when the market is down, all these bankruptcy and changes in management is just cleansing.
https://twitter.com/special78122/status/1590737502620749826?s=20&t=closeuDepIlsXXd0P24clw