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JPMorgan CEO Jamie Dimon has been critical of digital currencies over the past few years. Bitcoin, in his opinion, poses the greatest threat to the financial sector.
TV presenter Kevin O’Leary explained why the banker is so critical of cryptocurrencies. In his opinion, Dimon fears that traditional financial systems will lose the lion’s share of the market after the mass transition of consumers to an innovative tool.
The banker felt the first threat a few years ago, it was then that he called bitcoin a financial pyramid. Banks profit from transaction fees, while stablecoins, for example, reduce such costs.
The TV presenter emphasized:
This is not about speculation on the price of an asset. It’s about reducing the costs associated with how the global economy works. Jamie Dimon feels threatened as he wants to keep making money.
Kevin O’Leary believes that pension funds will start entering the crypto sphere en masse only after the industry receives regulatory approval.
The US authorities should accelerate the legalization of the blockchain industry. Otherwise, the institutional adoption of digital currencies will be extremely slow.
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