Jamie Dimon, the chief govt officer of JPMorgan Chase, was not too long ago criticized when he stated he would “shut down” Bitcoin (BTC) if he have been working the federal government, whereas testifying throughout a current Wall Avenue oversight listening to by the US Senate Banking, Housing, and City Affairs committee on Capitol Hill.
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Jamie Dimon’s Anti-Bitcoin Stance
The JP Morgan CEO has lengthy been opposing the highest cryptocurrency. Previously, he compared Bitcoin (BTC) with phrases like ‘Ponzi scheme’ and ‘hyped-up fraud’. Dimon continued his aggressive stance towards BTC in his newest assertion, going so far as demanding a authorities shutdown of the crypto trade. Nonetheless, there’s extra to it than meets the attention inside JP Morgan, at the very least round blockchain expertise if not for investing in crypto property.
Curiously, the CEO’s feedback got here at a time when monetary giants of the likes of Blackrock and Constancy are vying for the approval of the primary ever spot Bitcoin ETF from the U.S. Securities and Alternate Fee (SEC).
JP Morgan Crypto Unit’s Employees Multiplies
In line with studies, Onyx, the blockchain unit of JP Morgan, presently has round 300 workers in comparison with a headcount of simply 100 three years in the past. The studies said Onyx is dealing with transactions price round $1 billion per day through blockchain.
Monetary providers firm Constancy, on the opposite facet, has been vocal concerning the potential advantages of integrating crypto and blockchain in its merchandise. Earlier, CoinGape reported a Constancy senior govt’s feedback on the upside potential of holding some Bitcoin. Within the house of below two months, the Bitcoin price (BTC) grew over 60%, owing to varied elements together with the anticipation of the spot Bitcoin ETF approval anytime in 2024.
Additionally Learn: Bitcoin ETF: SEC Chair’s New Take Leaves More Questions Than Answers
The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
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