This Is the Year That Old School Finance Took Over Crypto

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This Is the Year That Old School Finance Took Over Crypto

FIN readers, while of course highly astute, are forgiven if they have been led to believe that the world’s most powerful bankers are opponents of cryptocurrency.

In May of this year, Christine Lagarde, the head of the European Central Bank, said of crypto: “My very humble assessment is that it is worth nothing.”  In case this wasn’t clear, she added: “It is based on nothing. There is no underlying asset to act as an anchor of safety.”

Less than a month ago, JPMorgan CEO Jamie Dimon told Congress that cryptocurrencies are “decentralized Ponzi schemes.”

And yet, mark these words: 2022 will be remembered as the year that mainstream, old school financial institutions placed a permanent marker in the crypto world.