Wall Street Boss Speaks Out
The CEO of JP Morgan is dropping bombshells about digital currencies and this bonanza earnings season. He’s the main man on Wall Street, willing to force through the change he believes in.
Jamie Dimon is the head honcho at America’s leading bank. He’s tight with all the greatest investors and acts as a soundboard for the biggest innovations in finance, none more so than digital currencies. Last year they were “for idiots,” and he’d “fire any employee who traded Bitcoin.” This year, his hatred for the cryptocurrencies got so bad that he had to start his own, JPM Coin!
It’s pegged to the stable dollar, but “it’s not money,” the bank says. This “not money” money is only available to institutions, but one day the common folk might be allowed it, the bank says. Either way, it’s a competitor to Facebook’s Libra, and Dimon is bringing the fighting talk to the table. According to him, Libra “will never happen!”
He also wants to bin quarterly earnings releases, feeling like a player in a silly game just a week into this quarter’s earnings avalanche. Millions of investors treasure the transparency of these regular updates, where surprise numbers can move stocks. However, for the chief executive 1%, the paperwork is just too “onerous.” Dimon even threatened to take JP Morgan off the stock market!
Don’t worry, that’s never going to happen. However, investors could be headed for a face-off with their chosen companies if this issue isn’t resolved. Stocks would crumble if the earnings circus were suspended, so let’s make the most of it while it lasts!