JPMorgan Chase CEO: All Crypto Will Be Government Controlled
Yesterday, Jan. 9. the Chairman and CEO of JPMorgan Chase, Jamie Dimon, talked critically about the practicality of decentralized cryptocurrency, foreseeing that every single advanced money will in the end be fiat, or government-controlled. Dimon made the remarks today at the JPMorgan Health Care Conference in San Francisco.
Noting inquiries at the meeting, Dimon concentrated on the impossibility that any cryptocurrency could ever achieve standard selection, anticipating that worldwide governments would not permit it.
Rather, Dimon stated, the main advanced monetary forms that will see standard appropriation and use as monetary standards will be government-upheld, or fiat, ones, for example, a computerized dollar.
At the meeting, when asked how he sees the "shadow economy" of decentralized cryptocurrency playing out long haul, Dimon critically expressed:
“It’s just not gonna happen, you’re wasting your time. This is my personal opinion. There will be no real non-controlled currency in the world. There’s no government that’s gonna put up with it for long.”
Dimon's contention is that Blockchain innovation will be utilized and grown, yet that the decentralized idea of digital currencies won't last, including:
“The [Blockchain] technology will be used. It may be used to transport currency, but it will be US dollars. Virtual currency where it’s called a Bitcoin as opposed to a dollar [will be stopped].”
In September 2017 at a saving money gathering, Dimon called Bitcoin a "cheat" and said that he would terminate any JPMorgan worker who exchanged Bitcoin on the organization's records, to a limited extent for being "dumb".
Today Dimon revealed to Fox Business in a restrictive meeting that he laments making the September remarks, however is "not intrigued that much in the subject by any means."
In 2017, numerous legislatures around the globe declared that they were thinking about actualizing a national advanced money. Others, for example, Venezuela, have effectively done as such.
But we all know he's wrong!
It is already happening. What we need is decentralized exchanges. What are the cryptos which have an exchange baked into their blockchain?