Jamie Dimon, CEO of JPMorgan Chase has once again criticized Bitcoin, which now has soared to an all-time high at over $5,600. While the cryptocurrency giant is gaining interest from around the world, Dimon feels it will end on a bad note. During a third-quarter earnings call with the reporters on Thursday, Dimon said: “I wouldn’t put this high on the category of important things in the world, but I’m not going to talk about Bitcoin anymore.”
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This was not the first speculation about Bitcoin from Dimon. During an event hosted by Barclays on September 12, he remarked that according to his view cryptocurrency is “worse than tulip bulbs,” referring to the conjectural investment bubble in Dutch tulips in the 17th century. He went further, saying “It won’t end well. Someone is going to get killed.”
Influential Voices Like Jamie Dimon’s Still Matter… Sort-of
As Bitcoin has no governing body, many analysts have argued it is a fad that will have no value in the future. Also, some “experts” feel its success is merely a bubble.
Arguably, newcomers and digital currency enthusiasts showed more interest in Bitcoin after Dimon’s comments — its price dropped, but rebounded stronger after less than a month.
JPMorgan itself is part of other blockchain projects, namely the Enterprise Ethereum Alliance.
JPMorgan CFO Marianne Lake took the conversation ahead: “We are open-minded for digital currencies that are properly controlled and regulated”. She also pointed the prospective merits of the blockchain, it is the technology behind cryptocurrency.
Blockchain Technology Prospects for Big Banks
Citigroup CFO John Gerspach, during a company earnings call, pointed out that it is worth looking into digital currency, saying “We think the area of cryptocurrency and digital currency is an area worthy of exploration.”
He added that company’s research labs are exploring blockchain, cryptocurrencies, and other digital assets.
As BTC rose to an all-time high, Ethereum’s ETH traded at $307 USD.
Many believe Ethereum to be a basis for a future version of the Internet. In 2015, JPMorgan commenced work on a data privacy network Quorum on Ethereum. More strangely, it partnered with Zcash, a privacy-focused digital currency.
Mr. Dimon’s last word was “I was reminded that we move trillions of dollars a day… digitally. It’s not cash.”
Does Jamie Dimon hate Bitcoin as much as he says? Let’s hear your thoughts.
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