[Photo: Jamie Dimon, Chairman, CEO and President of J.P Morgan Chase. Source: forbes.com]
Who is Jamie Dimon and why is he relevant to Cryptocurrencies?
Allow me to answer that.
Jamie Dimon is the current Chairman, CEO and President of J.P Morgan Chase. In summary, he runs the financial giant that according to wikipedia, is described as can be seen below:
‘JPMorgan Chase & Co. is an American multinational banking and financial services holding company headquartered in New York City. It is the largest bank in the United States, the world’s sixth largest bank by total assets, with total assets of US$2.5 trillion, and the world’s second most valuable bank by market capitalization. It is also one of the largest asset management companies in the world with US$2.5 trillion in assets under management and US$28 trillion in assets under custody and administration. It is a major provider of financial services, and according to Forbes magazine is the world’s fourth largest public company based upon a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States. The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.’
Jamie Dimon controls all this but his recent statements of calling Bitcoin a fraud, ruffled a few feathers in the Crypto-Verse. His statements also left some wondering how a Wallstreet financial guru would castigate Bitcoin and at the same time, not talk much about the Bitcoin Futures currently being offered in the stock market.
Such statements led me to wonder if Dimon’s statements were choreographed to cause panic in the Crypto-Verse leading to panic selling. As a result, prices of crypto would drop (like they currently did in January) and that would put Jamie Dimon and J.P Morgan Chase into a position to get into the market when prices are low. That is, cause panic in the market and buy low.
It is with such a premise that I want to highlight 4 coins that Dimon would probably be eyeing during this market correction.
1. Ripple (XRP)
It is no secret that Ripple is doing wonders in the banking industry. Every day there is news of a partnership with a global bank or a money transfer company such as Western Union and Moneygram. There are also rumors of a Ripple IPO being negotiated. This means that Dimon would love to get in on the action. Also, since J.P Morgan Chase is classified as one of the biggest Banks in the world in terms of net assets, market capitalization and banking transactions, it is no secret that it would want the fast and secure payment solutions offered by the Ripple Network on RippleNet and xRapid. Dimon would definitely get in on the action.
Yes. Jamie Dimon probably has his eyes on Bitcoin. His statements are no different from those uttered by Mark Cuban back in July 2017 when he declared that Bitcoin was a bubble. The same Entrepreneur/Business-man now says that the Dallas Mavericks, an NBA team he owns, will accept Bitcoin payments. Mark Cuban has really seen the light of cryptocurrencies and embraced the future.
Ethereum is quickly winning the hearts of traders and ICO participants. This is because of its quick transaction speeds when compared with Bitcoin and the compatibility with smart contracts and ERC20 tokens. This has led to the coin jumping in value to a peak of around $1,345. There are plenty of people using it for transactions and this will lead in the appreciation of its value with time. Also, the foundation team, led by Vitelik Buterin has constantly delivered since the inception of the ICO in 2013. This is a good indicator of consistency and Dimon loves consistency.
4. Stellar (XLM)
XLM has been classified as being the Crusader of Blockchain technology to facilitate cross-asset transfers of value, including payments and making sure every human being gets access to some form of economic participation. In my earlier article I had highlighted that XLM needs to penetrate the Untapped African Market. Such a move by XLM would be in tune with J.P Morgan Chase’s plans of opening a new office in Kenya’s Capital, Nairobi. Picture the possibilities of a J.P Morgan and XLM powered payment platform in Africa. That would be one of the most explosive and successful financial endeavours to hit the world.
In summary, Jamie Dimon, being at the helm of the biggest financial institution in the world has been quoted as saying that Bitcoin is a bubble. These sentiments are similar to those made by Mark Cuban in July 2017. Cuban would later wholeheartedly embrace Bitcoin and Blockchain. Such a path is highly likely to be followed by Dimon and that is why I put forward these four coins as possible investments for the financial Guru who runs J.P Morgan Chase.
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