$1 million Bitcoin could force JPMorgan to use Wyoming as safe-haven
- The state of Wyoming is now far ahead of New York when it comes to Bitcoin support.
- Wyoming has been upfront in supporting the adoption and group of cryptocurrency. It has now passed 20 laws.
- JPMorgan and other big companies could be forced to pay hefty fines in the future due to Bitcoin and crypto.
A blockchain advocate has warned JPMorgan that it would need to move to Wyoming if it wants to protect itself from million-dollar Bitcoin
Caitlin Long was speaking on Keiser Report, a financial news show today. She has been appointed to the Wyoming blockchain committee. According to her, in terms of Bitcoin support, Wyoming is far ahead of New York and several other states.
$1 million may spark lawsuits
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She pointed out that Bitcoin may cost $1 million in the future, which will lead to new forms of problems for financial institutions and owners.
“There are people now finally starting to put leads on Bitcoin because Bitcoin is being lent out and that’s what lenders do,” she said.
She further stated that people are thinking where the attack vectors will come from and where the puck is going to be. One of the scenarios is if Bitcoin reaches $1 million, plaintiffs’ attorneys may start coming after everybody with the claim to take the Bitcoin away because somebody had a lead on BTC they bought.
Long has been in the arena of the U.S. regulatory system for many years, with the active voice she lends to Bitcoin and Bitcoin adoption.
Wyoming has always been forthcoming with regulations and laws to facilitate e-commerce and crypto-related businesses. Currently, the state has passed twenty laws to ensure easier commerce for crypto businesses and wider acceptance in the mainstream financial sector. She however stated that the benefits of these laws may not be seen now, but over time, that advantage will materialize.
She’s also predicting that big banks who are involved in crypto-related transactions may be forced to move to Wyoming in the future, to dodge from the U.S “infamous patchwork approach.”
To be covered and protected, companies like JPMorgan would have no option than to relocate to Wyoming.
Bitcoin and cryptocurrency keep proving people wrong
There are very few Bitcoin sceptics who have a massive following like Dimon because of his unbiased view of the cryptocurrency. However, he has turned a new leaf in recent years, completely denying his criticisms of cryptocurrency in early times.
In 2018, he denied ever criticizing Bitcoin and vowed not to talk about the coin any longer.
As recent as last month, JPMorgan had to pay the sum of $2.5 million as a settlement for a lawsuit filed against the firm for charging extra fees on cryptocurrency transactions.