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JPMorgan CEO Chase Jamie Dimon said blockchain will play a pivotal role in the future of finance even though bitcoin, the market-leading cryptocurrency that made blockchain famous, is not his “cup of tea”.
Speaking Wednesday at the New York Times DealBook Conference, Dimon reiterated JPMorgan’s support for blockchain technology as a potentially transformative financial mechanism.
“The blockchain itself will be key in enabling people to move money around the world more economically,” he said. (His bank recently caused a sensation with the launch of its “JPM Coin” for wholesale bank payments). “We will always support blockchain technology.”
But Dimon refused to give ground to his opposition to bitcoin.
He reiterated his longstanding belief that governments will eventually regulate it more heavily (something recently echoed by fellow billionaire Ray Dalio). Supervision is inevitable for something this big, he said.
Even so, Dimon acknowledged that “very smart people” are buying into cryptocurrency with the belief that it will outstrip gold, the US dollar and US Treasuries.
“Let them do it,” he said. “It’s not just my cup of tea.”
