JPMorgan's CEO feels threatened by disruption in payment systems: Kevin O'Leary

At Converge22, the Shark Tank host said stablecoins are set to lead to a reduction in friction and fees worldwide.

JPMorgan Chases CEO Jamie Dimon feels threatened by how the crypto space is disrupting the payment systems, stated the Shark Tank host and multi-millionaire venture capitalist Kevin O’Leary speaking at a Converge22 panel on Sept 28.  

OLeary made his remarks after Dimon declared himself as a “major skeptic” on "crypto tokens, which you call currency, like Bitcoin," referring to them as "decentralized Ponzi schemes" in his testimony to the United States Congress last week.

Still on the panel, OLeary explained that friction is one of the major problems in the traditional financial system and, plus, its how banks profit on transaction fees, adding that stablecoins could lead to a reduction in fees throughout the world. He stated:

Regarding the regulatory environment in the US, the venture capitalist explained that sovereign wealth and pension funds are waiting for regulation before adding digital assets to their portfolios, noting that:

According to OLeary, a regulatory shift in the U. S. approach to digital assets would lead to a 10% appreciation for all crypto assets overnight. U. S. lawmakers are working on a bill to regulate stablecoins that could be approved by years end.

Stablecoins are a class of cryptocurrencies that attempt to offer investors price stability, either by being backed by specific assets (such as the U. S. dollar) or using algorithms to adjust their supply based on demand.

A source: cointelegraph.com/news/jpmorgan-s-ceo-feels-threatened-by-disruption-in-payment-systems-kevin-o-leary