“Wall Street Will Never Catch Up To bitcoin”
The scathing bash of JP Morgan’s latest project, the centralized, aptly-named JPM Coin, has continued into week two and three. Just recently, Max Keiser, an anti-establishment figure that frequents RT, took to his Twitter soapbox to poke fun at Jamie Dimon, who once bashed () for being a “fraud” with no inherent value/purpose.
, who has long been a leading figure and voice in the community, joked that JPM Coin is much like a wet noodle when put beside . Per the commentator, the market took one look at JP Morgan’s own digital asset and and started “buying aggressively.”
Keiser also concluded that whether Wall Street likes it or not, the incumbent institutions will “never catch up to ’s dominance [in crypto] as it vies for global reserve status.”
What Is JPM Coin?
For those who missed the memo, here’s a bit more about the Wall Street institution’s first foray into decentralized technologies.
Mere weeks ago, the crypto space was shocked en-masse when JP Morgan divulged that it would be launching its own , which will be backed by physical U.S. dollars and will first be based on , the bank’s private -based chain.
Eventually, the asset will go multi-chain, with interoperability protocols allowing for JPM Coin to be transacted in different ecosystems. JP Morgan lead, Umar Farooq, claimed that eventually, “anything, where you have a distributed , [that] involves corporations and institutions” could use the stablecoin. For now, however, the JP Morgan executive made it clear that the newfangled offering is intended to make the company’s $6 trillion in daily internal, international corporate transactions more efficient.
What’s Wrong With It?
So what’s wrong with JPM Coin?
Well, Ikigai chief investment officer Travis Kling put it best. In a comment conveyed to , Kling, an anti-establishment figure that hails from Steven Cohen’s Point72, remarked that JPM Coin will be much more like “a Google Sheet than .” In other words, it’s a centralized asset will little-to-zero transparency. Tom Shaughnessy, the principal analyst at -centric research unit, Delphi Digital, echoed this sentiment.
Even Labs chief executive Brad Garlinghouse had some choice words for the crypto offering. In a Twitter comment that garnered some semblance of support of both the and community, the guru that JP Morgan’s sudden launch of a digital asset is like launching “AOL after Netscape’s IPO.” This is, of course, in reference to the earliest Internet browsers at the commencement of the first notable Dotcom boom and bust cycle.
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Published at Sun, 24 Feb 2019 18:48:37 +0000
