Jamie Dimon Says JP Morgan To Use Blockchain, Continues Bitcoin Bashing

The Harvard Business Review in its July-August issue published an interview of JP Morgan boss and CEO Jamie Dimon titled ‘Managers Don’t Have All The Answers.’ During the interview, Jamie Dimon expressed his views on the emerging blockchain technology but refrained from commenting much on cryptocurrencies.

Dimon sounded quite bullish on the blockchain tech and when asked about the chief competitive threat to JP Morgan, he confronted saying “new forms of payment.” He specifically praised Venom, PayPal and Alipay and said: “these companies are doing a good job of embedding basic banking services in their chats, their social, their shopping experience.”

While commenting on the blockchain technology, Dimon said that it is “real” and that JPMorgan is “testing it [blockchain] and will use it for a whole lot of things.” When asked about cryptocurrencies he said: “I probably shouldn’t say any more about cryptocurrency.” However, he did say that he doesn’t consider crypto anywhere similar to fiat currencies or gold.

However, according to the Bloomberg report on Sunday, August 5, Dimon expressed his critical view on Bitcoin calling it a “scam” and further mentioned that he has “no interest” in it. On Saturday, August 4, Dimon was addressing the audience at the Aspen Institute’s 25th Annual Summer Celebration Gala with his general view U.S economic outlook and had mentioned cryptocurrencies.

Bloomberg also reports that Dimon during his address “suggested governments may move to shut down the currencies [cryptocurrency], because of an inability to control them.”

Last year Dimon sparked off the controversy for the first in September 2017 calling Bitcoin a ‘fraud’ while receiving a negative attention from the huge crypto community. After Dimon’s comments, Bitcoin set off for an unprecedented journey to hit a high of $20,000 by the mid of December.

Since then Dimon has been trading with his choice of words and at one point he even said he ‘regrets’ calling Bitcoin a fraud. In Dimon’s February 27th SEC filing, he also noted that digital currencies were posing a considerable competition in the industry. He added that the cryptocurrency has the potential to: “put downward pressure on prices and fees for JPMorgan Chase’s products and services or may cause JPMorgan Chase to lose market share.”