JPMorgan Chase President and CEO Jamie Dimon has likened digital currencies to pet rocks, and says regulators should focus more on these assets. He also believes that regulations should be strengthened to better protect investors.
Jamie Dimon Compares Cryptocurrency To Pet Rocks
Jamie Dimon, President and CEO of global investment bank JPMorgan Chase, recently gave an interview to CNBC in which he discussed the recent FTX exchange crash and the regulation of cryptocurrencies.
When asked about the FTX event and its significance, he stated that it was a symbol of something larger happening in the economy. Dimon then went on to say:
Crypto tokens are like pet rocks, and people are promoting them.
The pet rocks of 1975 were simply rocks placed in custom cardboard boxes and sold for $4 each. The craze lasted for around six months, with over a million units being sold.
Following US Treasury Secretary Janet Yellen’s statement that the FTX crash was “a Lehman moment for cryptocurrency,” Dimon commented:
I don’t think she was referring to a Lehman moment. Cryptocurrencies are worth trillions of dollars.
The JPMorgan head then went on to emphasize the need for greater regulation of cryptocurrencies, saying:
Regulators who hit banks might focus more on cryptocurrencies. We know that billions of dollars worth of ransomware, exchange costs, and anti-terrorist financing are taking place, so why are we allowing these things to happen?
Dimon has been vocal about his skepticism towards cryptocurrency in the past, but his bank JPMorgan has offered a variety of cryptocurrency investments to clients.
What do you think of JPMorgan Chase CEO Jamie Dimon’s comments? Let us know what you think in the comments section.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is intended for informational purposes only. It is not an offer to buy, sell or solicit an offer. It does not endorse any product, company, or service. Bitcoin.com is not a provider of investment, tax, legal, or accounting advice. Neither the author nor the company is responsible for any damage or loss that may be caused by or in relation to the use of this content, goods, and services.