JPMorgan Boss Says “rising points” like cryptocurrencies “must be handled shortly” – Finance Bitcoin Information
JPMorgan CEO Jamie Dimon has a lot to do with cryptocurrencies, shadow banks and the financial technology (fintech) economy. In a letter to JPMorgan shareholders, Dimon stated that banks “are playing an increasingly minor role in the financial system” and that there is a list of items, such as the digital currencies he mentions, that “need to be dealt with – and fairly quickly”.
Jamie Dimon’s letter to JPMorgan shareholders says banks need to focus on the future
Jamie Dimon has written a comprehensive letter to shareholders regarding the company’s goals and future concerns. Dimon’s letter, of course, meets the needs of his friends in Davos and the playbook of the World Economic Forum 2030. The CEO of JPMorgan addressed many of these goals, such as combating climate change and giving more money to minorities who have limited access to banking.
In addition to the accomplishments and future changes, Dimon noted that incumbent financial firms are “stuck in the past” and need to focus on the future.
Dimon points out that US banks have become much smaller compared to shadow banks, fintech, and the size of big tech companies. However, the JPMorgan CEO believes that it is “more important” that payments are processed through the US banking system than these alternatives.
“Transactions by well-controlled, well-monitored and well-capitalized banks may be less risky for the system than transactions that are dwarfed,” the letter to shareholders said.
Competition and dealing with cryptocurrencies pretty quickly
Still, Dimon recognizes the need for competition in the financial world.
“We need competition – because it improves banking – and we have to manage the emerging risks with a level playing field in such a way that security and solidity are guaranteed in the entire industry,” he emphasized. Despite the competition, Dimon believes there are “serious problems emerging” that need to be “addressed” soon.
“We are not only slowly dealing with the past, but also distracting ourselves from dealing with the future,” emphasized the JPMorgan boss. “There are serious issues that need to be resolved – and fairly quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the enormous risk cybersecurity poses to the system; the proper and ethical use of AI, the effective regulation of payment systems, disclosures in private markets, and effective regulations on market structure and transparency. “
Dimon is known to dislike cryptocurrencies and bitcoin, and even called the leading crypto asset a “scam” a few years ago.
Even so, JPMorgan has shown keen interest in Bitcoin (BTC) and the digital currency economy over the past year. Even after cryptocurrencies were described as the “poorest hedge for major drawdowns in stocks,” it was said in February that investors could invest 1% of their portfolios in crypto assets.
What do you think of Jamie Dimon’s opinion that Bitcoin needs to be “done” pretty quickly? Let us know what you think on this matter in the comments section below.
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