On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
JPMorgan CEO Jamie Dimon Warns People to Be Careful When Investing in Crypto Citing ‘No Intrinsic Value’
The CEO of global investment bank JPMorgan has warned investors about investing in cryptocurrency. “Cryptocurrency has no intrinsic value. You are basically buying a token,” he said. “I would be very careful.”
JPMorgan Boss Jamie Dimon Warns About Investing in Crypto
JPMorgan Chase and Co’s (JPM.N) chief executive officer, Jamie Dimon, shared his thoughts on the U.S. economy, inflation, China, and cryptocurrency in an interview with CBS Boston, published Wednesday.
He was asked whether young people should invest in crypto in reference to several commercials encouraging investors to put money in cryptocurrencies, such as a commercial featuring Tom Brady and his wife Gisele Bundchen.
“I’m a skeptic,” Dimon replied. “I mean blockchain is real if we use it for certain things. Parts of defi (decentralized finance) are real.” However, the JPMorgan boss emphasized:
Cryptocurrency has no intrinsic value. You are basically buying a token. Why it has a lot of that I don’t know, and I think there’s so much speculation taking place in stocks and securities and crypto and stuff like that. I would be very careful.
Nonetheless, Dimon said: “I defend people’s right to do it in a free country. I’m not going to do it.”
On Tuesday, Reuters also reported Dimon commenting on cryptocurrency. “It is not really a currency … It is hysteria,” the JPMorgan CEO was quoted as saying.
Dimon has always been a bitcoin skeptic. In October, he said that bitcoin is “worthless,” questioning the cryptocurrency’s limited supply. He also said regulators will “regulate the hell out of it.” In May, he advised people to stay away from cryptocurrency.
However, the CEO of JPMorgan acknowledged that his clients are interested in this asset class and the bank is now offering some crypto investments to clients.
The firm’s analysts even doubled down on their prediction that the price of bitcoin will hit $146K in the long term. They see a “bullish outlook” for bitcoin as inflation concerns push the price of BTC higher.
What do you think about the warning by JPMorgan CEO Jamie Dimon? Let us know in the comments section below.
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