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Jamie Dimon Says Regulatory Status of Cryptocurrencies Needs to Be ‘Dealt With’
The JPMorgan CEO included cryptocurrency regulation among his chief concerns in his letter to shareholders.
Updated Sep 14, 2021, 12:37 p.m. Published Apr 7, 2021, 12:37 p.m.
Jamie Dimon, the CEO of JPMorgan, has listed the legal and regulatory status of cryptocurrencies among a list of “serious emerging issues that need to be dealt with.”
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- In a letter to shareholders released Wednesday, Dimon describes his view on how aspects of the business are “bogged down in the past” and need to “focus on the future.”
- “There are serious emerging issues that need to be dealt with – and rather quickly,” Dimon wrote, listing the legal and regulatory status of cryptocurrencies alongside the growth of shadow banking, cybersecurity risks and ethics around artificial intelligence (AI).
- As have several of its Wall Street peers, JPMorgan has warmed to cryptocurrencies in recent months.
- In November, Dimon acknowledged that "very smart people" are buying into bitcoin, although it's still not his "cup of tea," reiterating his longstanding belief that governments will ultimately regulate it more heavily.
- A report released by JPMorgan last week set a long-term price target for bitcoin of $130,000.
See also: Wall Street Embrace of Crypto Grows Closer as Employees Argue on Its Behalf: CNBC
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A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
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