Jamie Dimon, the CEO of JPMorgan, has listed the legal and regulatory status of cryptocurrencies among a list of “serious emerging issues that need to be dealt with.”
- In a letter to shareholders released Wednesday, Dimon describes his view on how aspects of the business are “bogged down in the past” and need to “focus on the future.”
- “There are serious emerging issues that need to be dealt with – and rather quickly,” Dimon wrote, listing the legal and regulatory status of cryptocurrencies alongside the growth of shadow banking, cybersecurity risks and ethics around artificial intelligence (AI).
- As have several of its Wall Street peers, JPMorgan has warmed to cryptocurrencies in recent months.
- In November, Dimon acknowledged that "very smart people" are buying into bitcoin, although it's still not his "cup of tea," reiterating his longstanding belief that governments will ultimately regulate it more heavily.
- A report released by JPMorgan last week set a long-term price target for bitcoin of $130,000.