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Despite Previous Criticism, JPMorgan CEO Jamie Dimon Doesn’t Celebrate Bitcoin’s Decline

Despite previous criticism, jpmorgan ceo jamie dimon doesn’t celebrate bitcoin’s decline

Despite Previous Criticism, JPMorgan CEO Jamie Dimon Doesn’t Celebrate Bitcoin’s Decline

Despite previous criticism, jpmorgan ceo jamie dimon doesn’t celebrate bitcoin’s decline

JPMorgan CEO Jamie Dimon has reiterated his negative stance on bitcoin (BTC), stressing that he does not really care about the cryptocurrency. Dimon spoke on the subject in an interview with CNBC’s Squawk Box on Jan. 23.

When asked if he was pleased with Bitcoin’s collapse in 2018, Dimon stated that he was not, noting that multiple media outlets have over-reported his sceptical comments. The CEO argued that he had not intended to become the spokesperson against the biggest cryptocurrency.

During the interview, when asked if bitcoin is better than marijuana stocks, Dimon noted “that it is, but we’re not banking pot either.” In February 2018, JPMorgan had banned the purchase of cryptocurrency with their credit cards.

In the recent interview, the JPMorgan CEO also repeated his support for the idea of the underlying technology behind bitcoin: blockchain. While expressing his pro-blockchain position, Dimon noted that considers it to be a real technology and called it an up-to-date database that everyone can access and trust.

Dimon had previously been reported as bullish on distributed ledger technology (DLT), which he claimed JPMorgan would use for various cases in 2018.

However, the CEO still noted that blockchain industry disruptors have been talking about their products for many years, but that no one appears to have done something effectively yet.

After announcing a blockchain-enabled system for global payments in 2017, JPMorgan Chase filed a patent for a peer-to-peer payment network based on blockchain in May 2018.

In October 2018, a research group released a study claiming that blockchain is a key technology for the bank’s development roadmap to become a major digital bank.

Published at Thu, 24 Jan 2019 13:33:00 +0000

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wallstreetexaminer.com / by Craig Wilson via The Daily Reckoning / April 3, 2017

Jim Rickards joined Greg Hunter of USAWatchdog to discuss his book The Death of Money and the debt ceiling issues facing Trump and Congress. During the interview the two discuss everything from what to expect from Federal Reserve policy to gold prices in the coming months and years.

To start out the interview Jim Rickards was asked on the national debt where he contends, “The debt ceiling is very important. The United States runs budget deficits year after year. In the last 50 years we have only had minimal surplus years under Nixon and Clinton. We currently have $20 trillion of debt. The Treasury cannot just borrow however much they want. The U.S Congress limits the Department of the Treasury’s ability to borrow, what is called the debt ceiling. When the Treasury wants to borrow more, you have to raise the ceiling ceiling by the legislative process – an act of Congress.”

“Officially the existing debt ceiling ran out on March 15 and the Treasury cannot borrow any more money. Right now the Treasury is within tax season so it has positive cash flow. They have more in than going out and will not need to borrow at the exact moment. That is strictly temporary and a function of tax season in. Once we get through April, the shoe is on the other foot.”

“They’re going to hit a “hard ceiling” probably by August, if not sooner. Then the issue becomes whether Congress gives the Treasury the authority to borrow more money. The problem is when passing a debt ceiling bill, the “strings attached” deals that come with them. You gain some members in doing deals and lose others. We saw that with the health fiasco and the repeal of Obamacare failed not because of Democrats but because of Republicans who could not agree amongst themselves.”

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