JPMorgan CEO’s Anti-Bitcoin Stance Clashes with Onyx’s Tripling Staff Count
During a recent Wall Street oversight hearing led by the US Senate Banking, Housing, and Urban Affairs committee, Jamie Dimon, CEO of JPMorgan Chase, ignited controversy with his sharp critique of Bitcoin (BTC), suggesting he’d “close down” the cryptocurrency if in a governmental position.
Dimon’s disapproval for BTC isn’t new, having previously likened it to a ‘Ponzi scheme’ and ‘hyped-up fraud.’ His latest call for a government intervention to shutter the crypto industry adds fuel to this ongoing discourse.
Interestingly, this anti-Bitcoin stance comes amidst JP Morgan’s substantial strides in the blockchain domain, particularly within its Onyx unit. In fact, data indicates a significant expansion in Onyx’s staff, ballooning from 100 employees three years ago to around 300 presently, according to CoinGape.
Handling transactions of approximately $1 billion daily via blockchain, Onyx showcases JP Morgan’s active engagement with blockchain technology despite Dimon’s vocal skepticism towards cryptocurrencies.
Dimon’s strong rhetoric emerges in a climate where financial giants like BlackRock and Fidelity await the long-awaited approval of the first-ever spot Bitcoin ETF from the U.S. Securities and Exchange Commission (SEC).
With this in mind, BlackRock and Nasdaq have embarked on an active collaboration to develop a distinctive approach, aiming to involve prominent Wall Street banks in a potential Bitcoin ETF.
This strategic pivot is geared towards shifting risk onto crypto market makers, addressing prevalent worries about market manipulation that have hindered the approval of similar initiatives previously. According to the SEC, as revealed in a memo from a late November meeting, these plans introduce an inventive redemption strategy for the ETF shares.
It is worth noting that BTC’s price has soared over 60% in under two months, largely driven by optimistic anticipation surrounding the imminent approval of a spot Bitcoin ETF in 2024.
