Crypto: The boss of JP Morgan, an eternal cryptoskeptic?

Jamie Dimon, the boss of JP Morgan, continues to attack cryptocurrencies. Recently, he once again displayed his skepticism for Bitcoin and company during an intervention before the American Congress.

Cryptocurrencies qualify as decentralized Ponzi schemes

For years, Jamie Dimon, the boss of JP Morgan (a New York-based universal bank, the world leader in US dollar trading), does not miss an opportunity to tackle cryptocurrencies. We will remember this statement made in September 2017 in which Dimon describes bitcoin as “Fraud”. He added: “It’s just not a real thing, it will eventually be shut down.”

Bitcoin (BTC) and others would fall under a decentralized Ponzi scheme according to the boss of JP Morgan.

A few months later, Jamie Dimon says he regrets his words by recognizing the potential of blockchain (not cryptos). This technology is real, he admits. Recently, he was called upon to intervene with the American Congress. And the least we can say is that he sticks to his guns. Without mincing words, he declares: “I am a major skeptic on cryptographic tokens, which you call currency, like Bitcoin […] Those are ponzi schemes decentralized”.

JP Morgan: Betting on blockchain…and stablecoins

Despite all his declarations, the boss JP Morgan has already started to set foot in the cryosphere. During his last speech before Congress this month of September, he also confirmed that he used (and appreciated) the blockchain. It could also accept stablecoins. He explains, “Stablecoins – digital assets tied to the value of the US dollar or other currencies – would not be a problem with proper regulation, and JP Morgan is active in blockchain.”

JP Morgan also has its own token: the JPM Coin. The group presents the latter as a tool used to facilitate the immediate transfer of funds between bank customers. This digital currency keeps a value equal to the US dollar. In 2019, JP Morgan became the first international bank to develop a network that facilitates immediate payments through the use of blockchain technology. Through which, the bank enables 24/7 inter-company fund movement with the launch of JPM Coin.

For the boss of JP Morgan, his position is clear: he will never consider cryptocurrencies as a “real currency”. On the other hand, he appreciates (even more, he praises it!) the technology of the blockchain which would be overflowing with potential. His optimistic view of blockchain definitely contrasts with his vocal criticism of Bitcoin.

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