Morgan Creek’s Mark Yusko said the fact that JPMorgan’s CEO fears the risk of crypto. Check out the latest reports about this below.
JPMorgan CEO fears the risk of crypto
Mark Yusko, the founder of Morgan Creek Capital, believes that traditional finance figures, including JPMorgan CEO Jamie Dimon, are concerned about the rise of cryptocurrencies such as Bitcoin.
Dimon recently stated in a congressional testimony that digital assets are mainly used by criminals and that he would shut them down if he were the government.
Yusko, in a new interview on CNBC, argues that Dimon’s reluctance to embrace crypto is partly due to his fear that the technology could render much of his industry obsolete.
“When your livelihood depends on not understanding something, you won’t. Jamie understands it, he’s a very smart person, but he and other people in the financial services industry are afraid, quite honestly. This technology, blockchain technology, will do to financial services what the internet did to media and commerce.”
He continued and stated the following fact:
“It changes the landscape. You and I can now exchange value without an intermediary, and for 838 years, we’ve needed intermediaries to exchange value. The banking system, the finance system, accounting, and auditing. All of those things are less valuable in the new world with new technology, but it’s inevitable.”
According to Yusko, Bitcoin is likely to experience additional demand pressure in 2024 due to several bullish catalysts, and the current bull market is just beginning.
He believes that the upcoming halving of April or May next year will put additional demand pressure on Bitcoin.
As we approach crypto fall next June, things could become even more interesting. Therefore, Yusko thinks that the market is just starting to heat up.
Stay tuned for more news from the crypto space as things are really starting to heat up.
