Cardano Charles Hoskinson: JPMorgan’s JPM Coin is an Abomination, Poor Effort to Stay Current
It has been weeks since JP Morgan announced that they would be launching their own native token, the JPM coin and opinions and criticism are still rolling in from the industry. So far, it has become apparent that most of the crypto community is not taking kindly to the new coin.
He was asked about his opinions on the company’s chance of heart regarding crypto, going from openly criticizing it to embracing It overnight. He responded without mincing words.
“I saw the JP Morgan Coin, and listen – you guys just don’t get this space. You don’t know how any of these things work. It’s an abomination of a concept,” he said.
This mirrors the constant them across the many opinions that have been given regarding the token, which is that JP Morgan is merely entering the Crypto market to make a quick profit but have no actual interest in its growth.
This is further amplified by the fact they vilified Cryptocurrency for years but only began looking into it when t was apparent that there was money to be made.
Big Money, Big Problems?
Hoskinson went on to say that:
“It’s just a proof of concept for the sake of being a proof of concept to say that they’re in the space, and they can justify some sort of bizarre executive fantasy.”
This is hardly surprising as the crypto industry has a historically hostile relationship with the mainstream financial industry.
They are seen by many as greedy and shady and at a time, crypto and blockchain were considered the tools that would bring their reign to an end. As the crypto industry itself becomes more mainstream, there has been increased collaboration between blockchain firms and mainstream financial firms.
At the same time, the industry doesn’t take kindly to what looks like a blatant attempt to capitalize on crypto. Or an attempt to stay relevant in the new age, according to Hoskinson.
“But I see these things as the last vestiges of a dying industry trying to achieve some form of relevance. And I have very little respect for this type of work. I don’t see it as a positive thing,” he said.