Kevin O’Leary is a Canadian businessman and television personality. Recently, he reviewed crypto news and regulations in the United States. Here is what emerges from the analysis of Kevin O’Leary, who was quick to respond to the JP Morgan CEO’s harsh remarks about the cryptocurrency industry.
Stablecoins could help reduce fees
Jamie Dimon, CEO of JPMorgan Chase, discredited cryptocurrencies before the United States Congress last week. He has indeed declared that these assets are decentralized Ponzi schemes. He showed that he doubts cryptos such as bitcoin (BTC), before suggesting that they should not be considered a currency. The statement came amid consultations by US authorities to regulate cryptos.
Last year, Jamie Dimon had already called Bitcoin supporters idiots.
Kevin O’Leary reacted to these remarks during the Converge 22 conference, a meet of crypto and Web3 players, which takes place from September 27 to 30. The Shark Tank host said Jamie Dimon feels threatened by cryptos. These, he adds, jeopardize the economic model of traditional finance. He also indicated that stablecoins could help reduce friction and fees around the world.
“It’s about reducing the costs of running global economies. For this, cryptos are more transparent, more productive, fully controllable, regulated, and less expensive. So, Jamie Dimon does he feel threatened? You’re right, he feels threatened. It is largely thanks to this that he earns money“, he said.
In addition, the multimillionaire venture capitalist pointed out that sovereign wealth funds and pension funds in the United States comply with the rules of the SEC. He thinks that many organizations in the United States have a hypocritical posture towards cryptos.
“They are waiting for regulations to be put in place before adding cryptos to their asset lists. They’re never going to make a move against the SEC in any way.”he added.
For venture capitalist Kevin O’Leary, it is clear that stablecoins will revolutionize global economies. And a change in crypto regulations in the United States could lead to a 10% appreciation for all these assets.
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