JPMorgan’s boss Jamie Dimon has a bone to decide with cryptocurrencies, shadow banking, and the monetary technology (fintech) financial system. In a letter to JPMorgan shareholders, Dimon defined that banks are “playing an increasingly smaller role in the financial system” and there’s an inventory of things like digital currencies he’s named that wants to be “dealt with – and rather quickly.”
Jamie Dimon’s Letter to JPMorgan Shareholders Says Banks Need to Focus on the Future
Jamie Dimon has written a complete letter to shareholders in regards to the company’s completed targets and future considerations. Dimon’s letter, in fact, meets the wants of his associates in Davos and the World Economic Forum’s 2030 playbook. The JPMorgan CEO addressed many of those targets like addressing local weather change and lending extra money to minorities who’ve restricted entry to banking.
In addition to the accomplishments and future modifications, Dimon famous that monetary incumbents are “bogged down in the past” and a focus wants to be devoted to the long run.
Dimon highlights that U.S. banks have grown a lot smaller as compared to shadow banks, fintech, and the magnitude of the ‘Big Tech’ corporations. The JPMorgan CEO thinks nonetheless that it’s “more important” for fee transactions to move via the U.S. banking system than these options.
“Transactions made by well-controlled, well-supervised, and well-capitalized banks may be less risky to the system than those transactions that are pushed into the shadows,” the letter to shareholders insists.
Competition and Dealing With Cryptocurrencies Rather Quickly
Still, Dimon acknowledges the necessity for competitors within the monetary world.
“We need competition – because it makes banking better – and we need to manage the emerging risks with level playing field regulation in a way that ensures safety and soundness across the industry,” he harassed. Despite the competitors, Dimon believes there are “serious emerging issues” that want to be “dealt with” quickly.
“Not only are we slow in dealing with the past, but it distracts us from dealing with the future,” the JPMorgan boss emphasised. “There are serious emerging issues that need to be dealt with – and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the tremendous risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems, disclosures in private markets, and effective regulations around market structure and transparency.”
Dimon has been well-known for disliking cryptocurrencies and bitcoin and even referred to as the main crypto asset a “fraud” just a few years in the past.
Despite this, JPMorgan has proven robust curiosity in bitcoin (BTC) and the digital forex financial system over the last year. In February even after calling cryptocurrencies the “poorest hedge for major drawdowns in equities” it stated traders can allocate 1% of their portfolios in crypto property.
What do you consider Jamie Dimon’s opinion about bitcoin needing to be “dealt with” somewhat shortly? Let us know what you consider this topic within the feedback part under.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational functions solely. It is just not a direct provide or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the company nor the writer is accountable, immediately or not directly, for any harm or loss brought on or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.