Repercussions? You can bank on it 🫣

In his annual letter, Jamie Dimon, the longtime JPMorgan Chase CEO, had a lot to say — especially about the recent blowups in the banking sector.

04 Apr

"It's never too late to be great."wav

— Jordan Burroughs

👋 Friends, Rallie here. The crypto, tech, and finance newsletter that always shows up... even if we're a little late sometimes. 

On the menu:

  • 💌 Jamie Dimon's annual letter

  • 🗞️ Headlines that hit

  • 🔐 Refresh: Not your keys, not your coins

  • 💯 Top tweets

The Rallie Recap

📉 This morning, the CEO of JPMorgan Chase released his annual letter to shareholders and he says the banking crisis is not over...

  • In his annual letter, Jamie Dimon, the longtime JPMorgan Chase CEO, had a lot to say — especially about the recent blowups in the banking sector, stating, “The current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come.”

  • The banking crisis, which began with the failure of Silicon Valley Bank last month, saw tens of billions of dollars flow from smaller regional banks to larger institutions, largely in fear that smaller banks could go under, and customers could lose their funds.

  • In the letter, Dimon defended JPMorgan Chase, saying, “Any crisis that damages Americans’ trust in their banks damages all banks – a fact that was known even before this crisis. While it is true that this bank crisis ‘benefited’ larger banks due to the inflow of deposits they received from smaller institutions, the notion that this meltdown was good for them in any way is absurd.” 

  • The CEO instead called for more forward-looking regulation when it comes to the banking sector, saying it should be “less academic, more collaborative."

  • Besides an update on the banks financials, Dimon also touched on the need for responsible use of artificial intelligence and the importance of being careful with the technology.

🐕 Elon makes Dogecoin pawpular again.

  • Dogecoin (DOGE) surged more than 35% after Twitter replaced the platform's blue bird with the cryptocurrency's infamous Shiba Inu dog logo.

  • Earlier this year, Musk, the Twitter CEO and longtime Dogecoin maximalist, said that Twitter was "first and foremost" for fiat currencies, but noted that he wanted Twitter payment systems to accommodate cryptocurrencies down the road. 

  • Shortly after making the logo change, Musk tweeted out a cartoon image as his first public comment. Never a dull moment. ⬇️

Headlines That Hit

Rallie Refresh: Not your keys, not your coins

🔐 This week, we're refreshing a commonly used phrase in the crypto-verse that you've probably heard before... "not your keys, not your coins." It refers to the importance of owning and controlling your private keys in order to truly own your digital assets. Keep reading for some key points on the concept:

  • Private keys are used to access your cryptocurrency holdings on the blockchain.

  • If you store your coins on an exchange or custodial wallet, you are relying on that third party to hold and secure your private keys. 

  • This means that if the exchange or custodian gets hacked or fails (think FTX), your coins could be stolen or lost.

  • By owning your own private keys and storing your coins in a non-custodial wallet (hot or cold wallets), you have full control over your assets and are not reliant on a third party.

  • This gives you greater security and independence when it comes to managing your crypto holdings. And gives ultimate meaning to the phrase not your keys, not your coins.

Trending Tweets 

Our fav funnies to get you through the day. 

Congrats, you made it to the end! 

That's all for today. Stay hungry & we'll catch you next time. ✌️ 

Let us know what you think

Login or Subscribe to participate in polls.

DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.