JPMorgan Chase CEO Jamie Dimon says he doesn’t like cryptocurrency but will protect your right to invest in it. However, he sees certain advantages to digital currency.
Jamie Dimon Chase Discusses Cryptocurrency and Digital Currency
JPMorgan Chase CEO Jamie Dimon discussed cryptocurrency ahead of the Berkshire Hathaway annual shareholders meeting this weekend. When asked about cryptocurrency, especially Bitcoin, JPMorgan CEO Jamie Dimon said:
I always say that I don’t care for it. I support your decision to do so. I’d advise you to be really cautious about how much money you put into it.
However, Dimon sees some advantages to crypto, such as its technology, while conceding that the banking business has flaws. According to the executive,
It isn’t all horrible, though. If you told me you wanted to send $200 to a buddy in another nation, it would take two weeks and cost $40. You could do it in a matter of seconds using digital money.
As a result, everything will work out. “I believe that many players, including banks, will adopt it over time,” he said. He didn’t say if he was talking about cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), or his own JPM Coin.
JPMorgan Chase has developed its own digital money, known as JPM Coin. “We employ a blockchain network called Link to enable banks to share sophisticated information,” Dimon previously explained, “and we also use a blockchain to move tokenized US dollar deposits via JPM Coin.” The token “facilitates real-time value movement, helping to remove typical impediments of traditional cross-border payments,” according to the JPM Coin website.
Dimon has long been a critic of bitcoin and other cryptocurrencies. He urged people to be cautious while investing in cryptocurrency in November of last year, claiming that it had no fundamental worth. He claimed bitcoin was worthless in October and questioned its finite supply.
Meanwhile, in a letter to shareholders in April, he stated that decentralized finance (defi) and blockchain are genuine. JPMorgan is also currently offering a number of crypto investing options.
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