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Jamie Dimon: Bitcoin is not interesting, but JPMorgan customers disagree

Jamie-Dimon-Bitcoin-is-not-interesting Jamie Dimon | JPMorgan CEO

JPMorgan CEO Jamie Dimon said he remains skeptical about Bitcoin despite the growing interest of the bank's clients in the crypto asset. Speaking at a summit hosted by the Wall Street Journal, Daimon said he hasn't softened his stance on the first cryptocurrency. He previously compared Bitcoin to tulip rush and was ready to fire any JPMorgan employee caught in cryptocurrency trading. 

However, after Bitcoin first reached $ 20,000 in 2017, Daimon has stopped being so categorical about it. Now the first cryptocurrency is also not of interest to the head of JPMorgan, and in the near future he does not intend to become its supporter. However, Daimon admitted that his judgment about Bitcoin is at odds with the opinion of the bank's clients, who believe in the potential of the first cryptocurrency.

"I'm not a Bitcoin supporter, I don't really care about Bitcoin. I have no interest in it. On the other hand, clients are interested and I don't tell clients what to do,"

said the head of JPMorgan.

He added that any bank must adapt to the requirements of users. Therefore, last year JPMorgan began serving the bank accounts of the cryptocurrency exchanges Coinbase and Gemini. In addition, the bank already uses its own blockchain-based digital currency, JPM Coin. This stablecoin is pegged to the US dollar at a 1: 1 ratio and is intended for interbank settlements. Daimon also drew particular attention to the fact that the bank is loyal to the blockchain, for the development of which the Onyx subsidiary was created.  

"Blockchain is real, we use it. Then you have digital currencies that are 100% backed by actual assets, but people have to remember that a currency is supported by the taxing authority of a country, the rule of law, a central bank," 

added Daimon.

Talking about digital currencies developed by central banks, Daimon said such assets could provide people with opportunities. On the other hand, it is concerned about issues related to user privacy. According to the JPMorgan chief, the US should view the privacy of government stablecoins differently from China. Thus, researchers from the People's Bank of China are studying the use of the digital yuan at the state level for more thorough financial supervision. Recall that last week, JPMorgan analysts suggested that Bitcoin could give way to Ethereum in the long term. 


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