Crypto agnostic Jamie daemon The nascent investment reiterates its craze towards the class, warning investors to “stay away from it”. However, the boss of JP Morgan has no problem selling it to customers.
What is a love-hate relationship with cryptocurrency, the daemon, once again sounds an alarm on cryptocurrency. But based on their willingness to offer it to customers, it is clear that they think crypto is not going away.
Crypto buyer beware
Jp morgan boss Blasted bitcoin in recent times, calling cryptocurrency a fraud and worse than a tulip bulb. He even went so far as to say that he would sack any employee who traded it. His justification? Because it is stupid and against our rules.
That was four years ago. Now, JP Morgan employees are openly active in the crypto arena. For example, earlier this year, a report by JPMorgan analysts published a $ 146k Price Prediction for Bitcoin.
Recently, American Investment Bank also announced plans to offer an actively managed Bitcoin fund For Wealthy Customers.
The move echoed the approach of several top US banks, which have also formulated plans to enter the cryptocurrency markets. Including Morgan Stanley and Goldman Sachs.
Industry analysts say that JP Morgan is making the biggest progress in cryptocurrency out of all US banks.
“JPMorgan has been making some of the biggest advances over the past year by adding bitcoin exchange Coinbase Inc. and Gemini Trust Company as banking clients.”
However, while no longer openly hostile to crypto, the JP Morgan boss still has his reservations. In congressional testimony to the US House Financial Services Committee, Daemon Advised people to stay away from it.
Despite his skepticism, Dimon admitted that his personal opinion on the matter did not affect the services provided by JP Morgan to its customers. With high customer demand, he said it is not his place to tell people how to spend their money.
“It goes back to how you have to run a business. I don’t smoke marijuana, but if you legalize it nationally, I won’t stop my people from banking it.”
Daemon wants an action
During the Investment Company Institute (ICI) annual meeting earlier this week, Daemon Calls to regulators to bring more oversight to the crypto industry. Also, the authorities keep dragging their feet when it comes to ruling the space.
“There should be a legal, regulatory, tax, related framework, AML around crypto. Now it costs $ 2 trillion. When are they going to say,” Oh my god, this deserves our attention. “
He urges regulators before it becomes too big, and, as they believe, before the time when crypto criminals are ruining all of our lives.
Nevertheless, it is clear that Dimon knows that crypto is not going away. If you can’t beat them then why not join them?