JPMorgan Chase CEO Jamie Dimon mentioned blockchain may have a pivotal position in the way forward for finance even when bitcoin, the market-leading cryptocurrency that made blockchain well-known, is just not his “cup of tea.”
Talking on the New York Instances’ DealBook Convention Wednesday, Dimon reiterated JPMorgan’s help for blockchain know-how as a doubtlessly transformative monetary mechanism.
“The blockchain itself can be essential to letting folks transfer cash around the globe cheaper,” he mentioned. (His financial institution made waves just lately with the launch of its “JPM Coin” for wholesale banking funds). “We are going to all the time help blockchain know-how.”
However Dimon refused to present floor on his opposition to bitcoin.
He repeated his longstanding perception that governments will finally extra closely regulate it (one thing echoed just lately by fellow billionaire Ray Dalio). Oversight is inevitable for one thing so massive, he mentioned.
Even so, Dimon acknowledged that “very sensible folks” are shopping for into the cryptocurrency within the perception that it’s going to outperform gold, the U.S. greenback and U.S. Treasury bonds.
“Allow them to try this,” he mentioned. “It’s simply not my cup of tea.”
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