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“Fools gold”: Why JPMorgan CEO coins crypto as “worthless”

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Jamie Dimon has come clean about his attitude towards bitcoin, but what does this mean for JPMorgan clients?

JPMorgan CEO Jamie Morgan skeptic about bitcoin

The CEO of JP Morgan isn’t a fan of bitcoin, comparing the trading of the cryptocurrency to his disagreement towards smoking cigarettes.

Jamie Dimon said he personally thinks that bitcoin is worthless and he doesn’t care about it, speaking out at a virtual event hosted by the Institute of International Finance.

“Our clients are adults. They disagree,” Dimon says.

“If they want to have access to buy or sell bitcoin – we can’t custody it – but we can give them legitimate, as clean as possible access.”

While Dimon is skeptic of virtual currencies, his firm still agreed to roll out their digital currency JPM Coin.

This was followed by their creation of a new unit for blockchain projects in October 2020.

Additionally, in August this year, JPMorgan awarded their wealth management clients with access to crypto funds.

In conversation with Axios CEO Jim VandeHei, Dimon previously coined the cryptocurrency as “fraudulent” after concluding that the currency had “no intrinsic value”.

“I’ve always believed it’ll be made illegal someplace, like China made it illegal, so I think it’s a little bit of fool’s gold.”

Despite his cynical attitude towards bitcoin, Dimon understands not everyone may agree with his views.

As a result, the investment banking firm’s clients will continue to have access to crypto funds.

Written by Rebecca Borg

Crypto

Underground bitcoin mining surges in China amid ban

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Bitcoin production is rolling on in China despite Beijing’s strict ban on crypto mining

China was once the world’s biggest crypto mining hub.

And Bitcoin miners aren’t giving up, despite Beijing’s ban on the practice.

Several underground mining operations have since emerged in China, with miners taking care to work around Beijing’s ban.

Last year Chinese authorities launched a fresh crackdown on crypto, abolishing mining to combat the creation of new digital currency.

Many miners fled to other countries, including the U.S. and Kazakhstan, which borders China.

But now, fresh research from Cambridge shows that Chinese bitcoin mining activity has quickly rebounded.

This is a remarkable comeback following China’s share of global bitcoin mining plummeting to zero in July

Within a few short months, the new data suggests China made up just over 22 per cent of the total bitcoin mining market

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Robinhood launches second crypto wallet

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A little over a month after Robinhood released its first crypto wallet, the company says it’s already working on a second

Robinhood’s new wallet will give users sole custody over the keys needed to control their money on the blockchain.

It means users won’t depend on Robinhood if the system fails.

But there are some risks of losing the funds altogether, especially if they lose their private key.

The company says the wallet will be offered as a standalone app and says it will have an accessible and simple design.

Crypto has quickly become part of Robinhood’s business strategy.

The company recently said Bitcoin was the number one recurring asset its users have been buying this year.

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MiamiCoin lost 88 per cent of its value in less than a year

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MiamiCoin crypto lost 88 percent of its value in less than a year

The CityCoin initiative requires miners to gain tokens on the Stacks Blockchain to then be used to bid for Miami-Coin

Allegedly the winning bidder receives 70 per cent of their investment in MiamiCoin, while the U.S. city receives the other 30 per cent in tokens.

Miami-Coin value on May 16. Image: OkCoin exchange

The coin has enjoyed the support of the city’s Mayor Francis X. Suarez, who once said it could lead to a government running the city without citizens paying taxes.

When the project first launched, it was projected to succeed as the city’s mayor received a grant for over $5 million.

“I don’t know whether it’s going to work,” he says as the coin’s value dropped to around four-tenths of a cent.

Now it sits at $0.0044, down more than 88 per cent as reported by OkCoin–the only exchange that supports trading for the coin.

In November, the Mayor of New York City, Eric Adams also offered to take three paychecks in Bitcoin.

He also launched the N.Y.C. Coin project, which has already shed around 98 per cent of its value.

Amanda Gunn contributed to this post. 

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