The JP Morgan and Standard Chartered CEO's controversy about Bitcoin
JP Morgan and Bill Winters controversy about crypto
Salute to the HIVE and Leo Finance community, welcome to another blog from a new series of articles called "Crypto Radar" with your host elwaldo420's.
Today we will discuss the controversy between Jamie Dimon and Bill Winters over the value and use of bitcoin and cryptocurrencies in general.
We must remember that the beginning of this controversy within the traditional financial market was initiated by the CEO of JP Morgan, the well-known billionaire Jamie Dimon, who declared that bitcoin has no value. In a note published by CNBC, this banker among other things declared in the International Institute of Finance that the use of cryptocurrencies "should be prohibited as in China which is illegal, so I think it is fool's gold."
Source:[JP Morgan says bitcoin is 'worthless']
A few days later, the price of bitcoin shot up like a rocket and reached the ATH of $ 67,000, along with the orange coin, the other altcoins arise, such as Ethereum, Binance Coin, Solana, among others.
Meanwhile, CEO Bill Winters of Standard Chartered, one of the UK's highest-earning and influential banks in the world, in reaction to statements by the CEO of JP Morgan, stated at a press conference that cryptocurrencies are here to stay. In addition he pointing out the need for people to get alternatives to fiat money due to the monetary policies of governments and central banks around the world.
According to Winters:
*"I think there's a role for non fiat-currencies, especially when parts of the market are concerned about inflation Broadly, we've gone through a long period of inflation, and we've got central banks experimenting an uncharted territory with very, very loose monetary policy. It's perfectly reasonable for people to want an alternative to fiat currency"
Source: Crypto TV Plus. Standard Chartered CEO Says Cryptocurrency Are Here to Stay
Standard Chartered is currently making strategic alliances to offer services that allow its clients to hold cryptocurrencies. As well they are admitting that decentralized cryptocurrencies are better than centralized national currencies. It is important to remember that this same bank in September of this year observed the price of bitcoin reaching 100,000 dollars by the year 2022.
So, what to do with these signals from these CEOs, who represents the traditional banks and finance?
This controversy between Dimon and Winters shows us that the traditional financial world is being shaken by the cryptocurrency market, while Winters sees the cryptocurrency market as a golden opportunity, Dimon looks at the market with bad eyes, even with hatred. Why? Because this market is cutting off the oligopolies and the accumulation of wealth in few hands due to the structure of the global financial system.
People like Jamie Dimon and other CEOs of large banks benefit from the trillions of dollars being printed from the Federal Reserve, including today SEC Director Gary Gensler, who in the past worked in senior positions at Goldman Sachs, and today he wants to "regulate" the cryptocurrency market and the innovations of the DeFi ecosystem.
Clearly, bitcoin and the cryptocurrency market in general pose a challenge for the dollar to remain the world's reserve currency, governments and the traditional financial system at a global level have realized that this technology challenges the way the financial system works and it allows citizens around the world to emancipate themselves from the political and financial system that dominates us.
Let's see what happens, stay tuned with these articles of the Crypto Radar with your host elwaldo420's. Here we will analyze how the global political and financial system reacts to the innovations and projects of this crazy but wonderful world of cryptocurrencies.