Jamie Dimon (CEO of JPMorgan Chase) says he is not a fan of crypto, but will stand by your rights to invest. But he does see some advantages to digital currencies.
JPMorgan’s Jamie Dimon on Crypto, Digital Currency
Jamie Dimon, JPMorgan Chase CEO, spoke out about cryptocurrency with KMTV 3 News Now Omaha ahead of this weekend’s Berkshire Hathaway Annual Shareholder Meeting.
The boss of JPMorgan commented on bitcoin and cryptocurrency:
I always say I don’t particularly like it. I defend your right to do it. I’d say be very, very careful how much money you put into it.
Dimon does see some benefits to crypto technology but admits that there are inefficiencies in the banking sector. According to Dimon,
All of this is not bad. If you said to me ‘I want to send $200 to a friend in a foreign country,’ that could take you two weeks and cost you $40. You could do it through a digital currency and it’ll take you seconds.
“So, it’ll work out. I think it will be adopted over time by lots of players out there, including banks,” he concluded. But he didn’t specify whether he meant cryptocurrencies, stabilitycoins, digital currency central banks (CBDCs), his JPM Coin.
JPMorgan Chase owns its digital currency, JPM Coin. Dimon previously described: “We use a blockchain network called Liink to enable banks to share complex information, and we also use a blockchain to move tokenized U.S. dollar deposits with JPM Coin.” The JPM Coin website states that the coin “facilitates real-time value movement, helping to solve common hurdles of traditional cross-border payments.”
Dimon is a long-time bitcoin and crypto skeptic. Last November Dimon warned that crypto has no intrinsic worth and advised people to take caution when investing. He said that bitcoin is worthless in October and challenged its limited supply.
In his April letter to shareholders, he stated that both decentralized finance (defi), and blockchain were real. JPMorgan now offers several crypto investment products.
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