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Damn it, JPMorgan CEO warns: Stablecoins will eventually blow up!
Isn't this clearly shouting "Wolf!"?
He wants you to stay obediently within the fences,
So he can continue to fleece your sheep.
And his anger shows that banks are truly scared.
In the next 5-10 years,
The flow of funds from traditional banks to the stablecoin system is an irreversible trend.
He wants to prevent the passage of the CLARITY Act.
And the most profitable business for banks is: low-interest acceptance of your deposits and giving you very low interest, while they lend high-interest to enterprises or buy government bonds.
If users all switch their money to interest-bearing stablecoins, banks will lose these "almost zero-cost" sources of funds.
Dimon's words translate to: "You crypto companies are stealing my cake."