Jamie Dimon, the CEO of JPMorgan Chase did manage to garner a lot of attention when he came out with his anti-crypto feelings by terming it as a “fraud” in September which simply “won’t end well.” He had warned back in October, when bitcoin was priced at $5,800 by saying that,
“If you’re stupid enough to buy it, you’ll pay the price for it one day. The only value of bitcoin is what the other guy’ll pay for it. Honestly I think there’s a good chance of the buyers out there are out there jazzing it up every day so that maybe you’ll buy it too, and take them out.”
On the contrary, he had always showcased a welcoming attitude towards the underlying blockchain technology. However, he simply couldn’t reconcile with the notion of non-fiat digital currencies filling up the wallets of people and increasingly being used to foster trade. However, a few months later, the JPMorgan CEO seems to have softened in his approach towards cryptocurrencies. Though,he still remains doubtful regarding whether the bitcoin surge will surpass the test of time.
Jamie Dimon told CNBC on Friday:
“Look, everyone has a personal opinion about bitcoin. I remain highly skeptical of it. But as I’ve said previously, I’m open-minded to uses of cryptocurrencies if properly controlled and regulated,” .
His latest remarks come off as a stark contrast to his previous attitude when he advised investors to steer clear of the same. The price of this digital currency had breached over $19000 in various online exchanges. The executive also noted that Bitcoin houses the potential of soaring above $100,000. “I’m not saying ‘go short bitcoin and sell $100,000 of bitcoin before it goes down. This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she’s a genius,” he said in September.
Bitcoin critic Dimon had always nurtured a soft spot for blockchain technology which propelled the plans of his company launching a blockchain-based system along with two other banks for bringing down global payment transactions. Blockchain technology uses an open and permanent record of every transaction in its network thus eliminating the requirement of a third-party intermediary and speeding transaction times. Marianne Lake, the chief financial officer of JPMorgan pointed out during October’s third-quarter earnings conference call that blockchain is “transformational for the financial services industry” and that JPMorgan is “working hard [and] investing money” in it.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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