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- 1 J.P Morgan and Chase’s CEO, Jamie Dimon, has given an interview with CNBC where he spoke about the Bitcoin ETF.
- 2 Jamie Dimon has shared his views on the soft landing and hard landing of the U.S. economy.
The recent regulatory greenlight for the Bitcoin ETF sparked fresh debate, drawing the J.P. Morgan chief, Jamie Dimon, into an interview with CNBC. Jamie Dimon, whose financial kingdom channels trillion dollars’ worth of assets, shared his views on the Bitcoin ETF as well as the U.S. economy during the interview.
Jamie Dimon Speaks on Bitcoin ETF
Embracing the transformative potential of blockchain, Dimon acknowledged its deployment within J.P. Morgan’s own operations, touting its efficiency in data and financial movement. However, when it came to the actual digital coins themselves, he drew a stark distinction.
There are two sides to this digital coin, as declared by Dimon. One side is having potential technology, offering a new avenue for transactions like real estate deals or secure data transfers. But the other side, as described by Dimon, is just a shiny rock that doesn’t do much
Jamie Dimon criticized Bitcoin for being used in fraudulent activities like tax avoidance, sex trafficking, and anti-money laundering, leading to billions of dollars being lost annually.
J.P Morgan’s CEO believes that everything else about Bitcoin is just people trading among themselves. Although he defended the right of people to use Bitcoin, he advised against getting involved with it. He concluded by stating that he won’t tell people what to do as it is a free country.
He said that he would prefer things that generate income without costing money to maintain. However, it costs money to carry Bitcoin. Therefore he thinks that there is a risk associated with Bitcoin that needs to be addressed; if the bad use cases cannot be addressed, the government may have to shut it down.
Jamie Dimon About Economy and Soft Landing
Jamie mentioned that the total worth of old financial assets in America is around $140 trillion, while commercial office real estate is valued at approximately $1.2 trillion. Additionally, there is approximately $600 billion in bank books and corporate-owned assets. These can be divided into three categories.
If we experience a soft landing, which is feasible, and interest rates do not increase, which is also possible, it could pose a minor problem. However, if we have a hard landing and interest rates do not increase, it could lead to a bigger problem.
Jamie Dimon shared his concerns about the possibility of a hard landing with higher rates, which he thinks is possible and will cause a bigger problem.
This is because inflation goes up, and anything with cash flow is worth less when interest rates remain constant. During a recession, there is less need for space, and it affects everything, including working from home. However, Jamie Dimon’s views are mostly inclined towards the soft landing and it seems like the US market’s recent data is backing him up.
Conclusion
Jamie Dimon, the CEO of J.P Morgan, attended an interview with CNBC, where matters like cryptocurrencies, the US economy, and other issues were discussed. Jamie also spoke about his views on a soft or hard landing.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
