Posts Tagged ‘aaron lasher’
Aaron Lasher: Monetize Cryptocurrency
on Wednesday, September 27, 2017Aaron Lasher Money Quote saying in response to Chase CEO, jamie Dimon that Bitcoin and cryptocurrency threatens profits of banks. Aaron Lasher said:
“Every dollar in cryptocurrency is another dollar in value that JPMorgan cannot monetize” — Aaron Lasher
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In this quote, Aaron Lasher is referring to how the rise of cryptocurrency reduces the ability of large banks like JPMorgan to generate profits and “monetize” value. Cryptocurrencies operate outside of the traditional banking system, so every dollar that individuals invest in crypto assets is a dollar that is not deposited in a bank where it could be used to issue loans, earn interest, or be invested to generate returns for the bank.
By choosing cryptocurrencies over cash or bank deposits, consumers are effectively taking value away from the banking sector that normally benefits from holding people’s money. So Lasher is arguing that the growth of cryptocurrency as an alternative store of wealth represents lost opportunities for big banks like JPMorgan to turn those dollars into earnings and grow their businesses further.