JPMorgan Chase CEO Jamie Dimon says he doesn’t particularly like cryptocurrencies, but defends your right to invest in them. However, he believes that there are benefits to some aspects of digital currencies.
JP Morgan’s Jamie Dimon on Cryptocurrencies, Digital Currencies
JPMorgan Chase CEO Jamie Dimon spoke about cryptocurrencies in an interview with KMTV 3 News Now in Omaha on Friday prior to Berkshire Hathaway’s annual shareholders meeting this weekend.
JPMorgan’s boss commented on cryptocurrencies, including Bitcoin, saying:
I always say I don’t particularly like it. I defend your right to do it. I think you are very, very careful about how much money you put into it.
However, Dimon acknowledges the inefficiencies of the banking industry and believes that there are benefits to some aspects of cryptography, including its technology. Executives commented:
Not everything is bad. If you are told that you want to send $ 200 to a foreign friend, it will take two weeks and can cost $ 40. You could do it through digital currency, and it will take you a few seconds.
“That’s going to work, and I think it will be adopted by many players, including banks,” he concludes. However, he did not identify whether he was referring to cryptocurrencies, stablecoins, Central Bank Digital Currency (CBDC), or his own JPM coins.
JPMorgan Chase has its own digital currency called JPMCoin.Previous Dimon Explained: “We use a blockchain network called Liink to allow banks to share complex information. We also use blockchain to transfer tokenized US dollar deposits with JPM coins. The JPM Coin website states that Coin “helps drive real-time value movements and solve common hurdles for traditional cross-border payments.”
Dimon has long been skeptical of Bitcoin and cryptography.Last November, he caveat When investing in crypto, you need to be aware that it has no intrinsic value. In October he got Bitcoin Not worth it And questioned its limited supply.
What do you think of Jamie Dimon’s comments? Let us know in the comments section below.
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