Bitcoin Wizard Pomp Says JPM Coin Would Be a Printing Press Playbook if Was a USD-Pegged Stablecoin
As many of our readers are probably aware of by now, JP Morgan, one of the largest financial institutions in the world, has recently launched its very own crypto offering called the JPM coin.
As was to be expected, the announcement was met with a lot of opposition, especially since JP Morgan CEO ‘Jamie Dimon’ has often bashed the crypto industry as “being a massive pyramid scheme” in the past.
In this regard, it is worth noting that on the latest episode of his “Off the Chain” podcast, crypto savant Anthony Pompliano addressed the issue of Dimon changing his stance towards the altcoin market and whether or not the JPM coin has any real future ahead of itself.
It isn't a stretch to assume that JP Morgan would use JPM Coin to execute the Printing Press Playbook.
We should immediately pass legislation that would prevent them, or any other bank, from doing this.https://t.co/9EM2qx0bQ7
— Pomp 🌪 (@APompliano) March 1, 2019
On the subject, Pomp was quoted as saying:
“When Mr. Dimon was recently asked about the future prospects of JPM Coin, he said that it could one day be used by retail consumers for everyday commerce. This is a fairly significant change from the original talking points in the launch announcement.”
Additionally, the Morgan Creek Digital Capital founder also added that JPM’s envisioned usage was based mostly on rehashed proposals that had previously been used in relation to a number of other stablecoins.
More on the Matter
On JPM’s potential success within the global economic stage, Pomp was of the opinion that he could very well see JP Morgan’s crypto offering being used by banks as a medium of exchange — with which institutional clients and other peers can carry out monetary transactions.
In Pompliano’s view, once big-name institutions start to adopt JPM coin, the bank will most likely start to force its core clientele to make use of the token for everyday transfers, payments and transactions.
“Once JPM Coin is widely adopted, JP Morgan comes up with a clever reason to temporarily diverge from having every JPM Coin backed by a US dollar (just as the Nixon administration said the US dollar would temporarily break from the gold standard in 1971).”
In rounding off this piece, it should be pointed out that Pompliano firmly believes that if and when the JPM token enters the financial mainstream, it will start to erode the very fabric of what crypto assets truly stand for.
In a recent blog post written by Pomp, he did not mix his words when he called for a mass mobilization of the global crypto community to prevent JPMcoin from succeeding.