The Crypto space was intrigued and split on the news that leading companies of the world, JP Morgan and Facebook would be making a foray into blockchain and creating their own tokens.
Now the CEO of Binance, Changpeng Zhao has just recently taken to Twitter to share his views on both the JP Morgan and the Facebook coin which will launch soon. CZ said that he was pleased to see the development despite the fears that with adoption by large banks and social media companies might make the space more centralised, whilst conceding that this opinion was unpopular.
The tweet said:
Some responded in a negative fashion to his view and CZ replied in a courteous manner:
“Don’t buy them if you don’t like them, No one is forcing you to.”
Zhao’s fellow Bitcoin/crypto leaders in the space have taken against the recent development, none more firmly than the co-founder of Cardano and Ethereum Charles Hoskinson. At the Hybrid Summit held in Hong Kong, Hoskinson claimed that this would be a disaster and banks like JP Morgan should stay away.
Hoskinson was quoted as saying:
“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. First: They are the Federal Reserve
.They run the whole damn show. Them and five or six other entities. And there’s absolutely no need or utility behind what they’ve created. 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.”
So, what do you think? Are the JP Morgan and Facebook initiatives a good or bad thing? Let us know in the comments.