JPMorgan Chase chief Jamie Dimon this week courted controversy when he shared his views on cryptocurrency.
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Hello, LOs!
JPMorgan Chase chief Jamie Dimon this week courted controversy when he shared his views on cryptocurrency.
"I personally think bitcoin is worthless, but I don't want to be a spokesperson," he said, "I don't care, it makes no difference to me. I don't think people should smoke cigarettes." The billionaire banker continued: "Our clients are adults, they disagree. That's what makes markets. If they want access to buy and sell bitcoin...we can give them legitimate, clean-as-possible access."
Dimon, who in the past has called bitcoin "a fraud," "stupid" and "far too dangerous," has also predicted that "regulators are going to regulate the hell out of it."
He's probably right.
Earlier today, United Wholesale Mortgage announced that it had successfully "evaluated and accepted the first-ever cryptocurrency mortgage payment in September and five more cryptocurrency mortgage payments in October from borrowers."
But that's where it ends. UWM said it's only going as far as its pilot program.
"Due to the current combination of incremental costs and regulatory uncertainty in the crypto space we've concluded we aren't going to extend beyond a pilot at this time," CEO Mat Ishbia said in a statement.
LOs – what are your thoughts on this? Do you expect regulators to "regulate the hell out of crypto"? Do you expect crypto in mortgage to be relatively common within five years? Email me at jkleimann@housingwire.com.
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United Wholesale Mortgage is testing the waters with cryptocurrency, announcing today that it accepted its first-ever cryptocurrency mortgage payment in September.
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