JPMorgan’s boss Jamie Dimon has a good selection of cryptocurrencies, shadow banking services and financial technology (fintech). In a letter to JPMorgan shareholders, Dimon explained that banks are playing an ‘increasingly smaller role’ in the financial system ‘and that there is a list of items such as digital currencies that he mentions that need to be dealt with’ and fairly quickly ‘ .
Jamie Dimon’s letter to JPMorgan shareholders says banks need to focus on the future
Jamie Dimon wrote a comprehensive letter to shareholders about the company’s achievable goals and future concerns. Dimon’s letter, of course, meets the needs of his friends in Davos and the World Economic Forum’s 2030 playbook. The JPMorgan CEO addressed many of these targets, such as addressing climate change and lending more money to minorities with limited access to banking services.
In addition to the achievements and future changes, Dimon noted that financial positions are ‘trapped in the past’ and that a concentration must be devoted to the future.
Dimon emphasizes that American banks have become much smaller compared to shadow banks, fintech and the size of the ‘Big Tech’ companies. However, JPMorgan CEO believes that it is “more important” for payment transactions to flow through the US banking system than these alternatives.
“Transactions conducted by well-controlled, well-supervised and well-capitalized banks are perhaps less risky for the system than the transactions that are overshadowed,” the letter urges shareholders.
Competition and the handling of cryptocurrencies rather fast
After all, Dimon acknowledges the need for competition in the financial world.
“We need competition – because it makes banking better – and we need to manage the emerging risks with equal play regulation in a way that ensures safety and health in the industry,” he stressed. Despite the competition, Dimon believes there are ‘serious’ emerging issues’ that need to be’ dealt with ‘soon.
“Not only are we slow to deal with the past, but it distracts us from the future,” the JPMorgan boss stressed. ‘There are serious emerging issues that need to be addressed – and quite quickly: the growth of shadow banking services, the legal and regulatory status of cryptocurrencies, the correct and improper use of financial data, the enormous risk that cybersecurity poses to the system, the correct and ethical use of AI, the effective regulation of payment systems, disclosure in private markets, and effective regulations regarding market structure and transparency. ”
Dimon was widely known for not liking cryptocurrencies and bitcoin, and even called the leading cryptocurrency an “fraud” a few years ago.
Despite this, JPMorgan has shown strong interest in bitcoin (BTC) and the digital currency economy in recent years. In February, even after calling the ‘weakest hedge for large withdrawals in equities’ of cryptocurrencies, investors allocated 1% of their portfolios in cryptocurrencies.
What do you think of Jamie Dimon’s opinion on bitcoin that needs to be “handled” fairly quickly? Let us know what you think of this topic in the comments below.
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