Jamie Dimon, the chief government officer of JPMorgan Chase, was not too long ago criticized when he mentioned he would “shut down” Bitcoin (BTC) if he had been operating the federal government, whereas testifying throughout a current Wall Road 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. Prior to now, he in contrast 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 business. Nonetheless, there may be extra to it than meets the attention inside JP Morgan, at the least round blockchain expertise if not for investing in crypto belongings.
Apparently, 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 Change Fee (SEC).
JP Morgan Crypto Unit’s Employees Multiplies
In keeping with experiences, Onyx, the blockchain unit of JP Morgan, at the moment has round 300 staff in comparison with a headcount of simply 100 three years in the past. The experiences said Onyx is dealing with transactions price round $1 billion per day by way of blockchain.
Monetary companies firm Constancy, on the opposite facet, has been vocal in regards to the potential advantages of integrating crypto and blockchain in its merchandise. Earlier, CoinGape reported a Constancy senior government’s feedback on the upside potential of holding some Bitcoin. Within the house of below two months, the Bitcoin value (BTC) grew over 60%, owing to numerous elements together with the anticipation of the spot Bitcoin ETF approval anytime in 2024.
Additionally Learn: Bitcoin ETF: SEC Chair’s New Take Leaves Extra Questions Than Solutions
The offered content material might embrace 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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