The Chairman and CEO of JP Morgan Chase, Jamie Dimon, was one of the loudest voices on Wall Street cautioning against Bitcoin, calling it a “fraud” and warning that if anyone was “stupid enough to buy it”, they would “pay the price one day”. He’s also known for saying that the digital currency was only fit for use “by drug dealers, murderers and people living in places such as North Korea”.
Jamie Dimon Takes No Satisfaction In Bitcoin’s 80% Drop
Although Dimon has stated in the past that he does not want to discuss Bitcoin and has no desire to become a spokesman against the digital currency, he’s been vocal about it when given the opportunity. He blamed the media for the “hype” surrounding cryptocurrencies and pointed his finger at the CNBC Squawk Box panel in Davos this week. “You actually put it (Bitcoin) on CNBC every day for a year, you should stop doing that”
But he says feels no satisfaction from watching Bitcoin drop 80 percent. While speaking at the World economic Forum in Davos, he preached his preference for blockchain technology over Bitcoin.
“Blockchain is a real technology, it’s just a database we can all access that’s kept up to date”.
JP Morgan Interested In Blockchain Technology Over Bitcoin
JP Morgan has been interested in the technology underlying Bitcoin for some time. In 2017, the bank explored ways in which distributed ledger technology could remove trust for various transactions and increase the efficiency of financial services. But in an internal report seen last year, their analysts are of the opinion that not only the blockchain, but cryptocurrencies themselves are here to stay. In the 71 page report, they maintain that cryptocurrencies are “unlikely to disappear completely and could easily survive in varying forms and shapes among players who desire greater decentralization, peer-to-peer networks and anonymity, even as the latter is under threat”.
Some Bitcoin enthusiasts believe that Dimon favours blockchain over Bitcoin because blockchain is no threat to his profession and company, whereas they believe Bitcoin almost certainly is, and JP Morgan might just agree with them.
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