JPMorgan Chief Throws Massive Shade On Facebook’s Libra

JPMorgan Chief just criticized Facebook’s crypto project Libra so we now know what he really thinks about the new project and we read more in the latest cryptocurrency news below.

Jamie Dimon noted that Facebook’s crypto project could be a huge threat for the entire crypto system and this has become the burning question among the offices of Wall Street in Washington. Everyone from Donald Trump, Jerome Powell, and Maxine Waters outlined the threat that Libra poses mainly to the US dollar and Facebook’s executive David Marcus faced a huge backlash about his crypto ambitions when he testified before the US Senate Subcommittee this morning. One even joked that the appropriate government response to a company launching its own currency is to ‘’nuke it from space.’’

Dimon, on the contrary, noted that he will not spend too much time on Facebook’s Libra since its launch likely remains many years away:

 “To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened. We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it.”

It might be worth taking the word of the JPMorgan Chief with a little bit of doubt. After all, JPMorgan is launching its own cryptocurrency so the bank aims to deploy the asset which is the JPM Coin on a privately managed Ethereum-based blockchain. While Dimon’s comment that ‘’we’ve been talking about blockchain for seven years and very little has happened’’ it is true that as far as the adoption is concerned it is still tempting to see a subtle blow at Bitcoin like this one.

As noted in the altcoin news previously, the major cryptocurrency experienced massive growth over the seven-year period and overall in its decade-long lifespan. When it comes to it price, in 2012 it was below $15 and now it is reaching new high levels every day. At Least, Dimon does not believe anymore that Bitcoin is an outright scam as he did a while ago. He noted that cryptocurrencies are a scam and are not good security-wise and many people will lose their investments.