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JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon’s view against Bitcoin is widely known. The CEO reiterated this Wednesday at the New York Times DealBook Summit saying cryptocurrency “just isn’t my cup of tea,” Yahoo! Financial report.
What happened: Dimon has been a vocal critic of Bitcoin in the past due to its decentralized nature and lack of regulations. While he didn’t specifically change his view on Bitcoin, his stance on cryptocurrency had a softer tone as he spoke at the top of the NYT DealBook. He predicts governments will soon have strict regulations on cryptocurrencies.
However, Dimon is in favor of the underlying blockchain technology that facilitates the use of Bitcoin. JPMorgan launched its cryptocurrency, “JPM Coin,” last month for commercial use. The bank has also created a new business unit, Onyx, to deal with blockchain and digital currency, with Umar Farooq at the helm of the unit.
While cryptocurrency experts have pointed out that the JPM coin is not a true cryptocurrency due to its centralized nature, the bank’s move to the technology has been seen as a wider acceptance of the blockchain.
Because matter: Dimon’s softer stance shows the bank’s willingness to move closer to cryptocurrency and blockchain. The bank moves more than $ 6 trillion a day to 100 countries.
Dimon confirmed his support for blockchain at the top saying it will be crucial to allow people to move money around the world more economically. He also added that some “very smart people” are investing in bitcoin these days.
JPMorgan is joining cryptocurrency comes at a critical time as bitcoin has crossed the $ 18,000 mark and generates a lot of excitement.
Price action: JPM stock closed 0.74% lower at $ 115.25 on Wednesday.
See Also: PayPal Brings Bitcoin Trading to Account Holders, Merchants
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