JPMorgan Chase CEO Jamie Dimon doesn't think Libra, Facebook's embattled cryptocurrency project, will ever get off the ground. 'It was a neat idea that will never happen.'
"It was a neat idea that will never happen," the JPMorgan Chase CEO said on Friday at an event organized by the Institute of International Finance, according to a video posted by CNBC. Libra has been criticized by politicians, raised privacy concerns and lost support from Visa , MasterCard and other founding members. Dimon didn't explain why he thinks Libra will fail, though he did question the novelty of it."We already have stable coins.
And JPMorgan is valued at nearly $400 billion, making it far too rich for any would-be buyer.Still, to Dimon's point, the number of publicly-listed American companies is shrinking, down by about about 50% in the last 20 years, according to Vanguard. Morgan Stanley CEO James Gorman, who shared a stage with Dimon, argued that there are some"joys" to being a public company.
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