JPMorgan Chase CEO says no to crypto, yes to blockchain

05 Aug, 2018
by Arthur Sillers
News
JPMorgan Chase CEO says no to crypto, yes to blockchain

James Dimon, CEO of JP Morgan Chase, has continued his rhetorical dismissal of crypto while remaining optimistic about blockchain technology as an exciting opportunity in the future of fintech.

In an interview with the Harvard Business Review Dimon suggests that while crypto doesn't have the capacity to reach wide implementation or use that fiat currency has, the blockchain technology underpinning it is going to affect the financial sector of the future.

Jamie Dimon has a history of criticizing cryptocurrency while the company he is the CEO of continues to indicate adoption. Bloomberg reported that Dimon called bitcoin a 'fraud' and said he would fire anyone found to be trading crypto on company portfolios. 

Dimon said that the future disruptive startups in fintech will be new payment processes, those following in the footsteps of Venmo and Paypal. Blockchain technology has already shown itself to be a viable platform for any exchange of value, and this might explain why JP Morgan Chase continues to expand their blockchain related activities while Dimon is so dismissive of crypto.

Last May, JP Morgan filed a blockchain related patent. This, together with Dimon's comments, seem to imply that JP Morgan is looking for ways to revolutionize fiat payment services using the blockchain while not implementing crypto itself.

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