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



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


Reserve Bank of New Zealand eyes off use of crypto



New Zealand’s central bank is considering a digital currency with hopes that it could be used as a monetary policy tool

As the use of hard cash continues to decline across the country, the bank is turning to the public to voice their opinions on digital coins.

The Reserve Bank says “the declining use, acceptance and availability of cash in New Zealand, and emerging innovations in private money” are prompting the notion.

Stablecoins are a trype of cryptocurrency that are tied to a traditional currency, in this case almost certainly the fiat New Zealand Dollar. 

As the name suggests, this makes their value relatively stable.

Beneficially too, Stablecoins also less likely to be able to be impacted by famous people’s public comments.

Bitcoin, the world’s largest cryptocoin, went from being worth US$52,700 to $40,500 in just 16 days earlier this month.

The digital currency could help to support the New Zealand dollar while being interchangeable with cash.

This would help the bank remain relevant in the future and improve cross-border payment efficiency and resilience.

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China’s Crypto ban – the assets most at risk



Cryptocurrency markets continue to be heavily affected by China’s ban on crypto-asset trading inside the country

All eyes are firmly fixed on China at the moment.

China’s central bank injected liquidity into the financial system for a ninth day in the longest run since December.

Meanwhile, crypto continues to crumble

Bitcoin is currently worth just over $41 thousand US dollars, a major drop from its September peak of over $52 thousand

Analysts warn that with debt fears looming, and Tether could also be affected.

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It’s all in the wheel: Risky business as hamster invests in crypto



They say never trust a rodent, but this human has put the fate of his crypto portfolio in the tiny hands of his hamster, Mr Goxx.

Hamster, Mr Goxx’s high tech quarters

For many of us, understanding cryptocurrency is like running around on a hamster wheel.

Sophisticated terms, fluctuating values and virtual wallets – there’s so much that you need to know about the virtual currency before you even start thinking about trading.

But for German hamster Mr Goxx, running on wheels and sliding through tunnels is exactly what the four-legged mastermind does to be in on the crypto game.

Mr Goxx has been running an independent portfolio since June, trading cryptocurrencies from his state-of-the-art high-tech cage, the Goxx Box.

The crypto-crazed hamster is known for trading some of the big names, including Bitcoin, TRON and Ethereum.

Now for those who have to see it to believe it, Mr Goxx’s “office-hours” are livestreamed on Twitch, along with updates on his Twitch and Reddit pages.

But, how can a hamster master the ropes of such a difficult trade, you ask? It’s all in the wheel.

Doing crypto, hamster style

Mr Goxx runs rampant on his “intention wheel”, stopping once he chooses his desired cryptocurrency.

He then has to make the difficult choice of picking one of two tunnels to scamper through; the “buy” tunnel or the “sell” tunnel.

It’s from here where he decides his fate, making purchases or sales of up to 20 euros worth of his chosen crypto.

And if he chooses wrong, well it could be a costly investment for his human business partner.

Slowly paying off

Mr Goxx’s human friend told crypto website Protos that the hamster’s crypto picks are still shy of paying off his high-tech quarters.

Despite this, fans on Saturday saw one of the hamster’s best performances – up 16 percent since his trading journey began back in June.

“Mr. Goxx is happy to see some of his investments finally pay off.”

Mr. Goxx’s human partner told Protos.

Over the course of the weekend, Mr Goxx made more than $60 in profit, seeing his initial investment of 300 euros increase.

Despite his success, trusting a hamster to guide your investment strategy is risky business and one that financial advisors don’t recommend.

And while Mr Goxx’s human business partner continues to partake in his hamster ways, it’s clear that the investments made are for the sole purpose of entertaining Mr Goxx’s fans.

Written by Rebecca Borg

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