JPMorgan Chase’s Jamie Dimon was bullish on blockchain tech, but shied away from commenting on cryptocurrency, expressing fiat payment applications are “the major potential disruption to our business” in an job interview printed in the July-August challenge of the Harvard Company Evaluation.
When requested about his company’s chief competitive threat, Dimon, chairman and CEO of JPMorgan Chase — the major of America’s Major 4 banks — singled out what he termed “new sorts of payment.” Specifically naming PayPal, Venmo and Alipay, Dimon claimed that “these corporations are accomplishing a great occupation of embedding primary banking solutions in their chats, their social, their browsing expertise.”
Although he did not mention crypto as a possible disruptor, when he was questioned about his see on cryptocurrency in a following question, Dimon simply just replied, “I most likely shouldn’t say any far more about cryptocurrency.” Dimon did argue that crypto is “not the similar as gold or fiat currencies,” which are “supported by legislation, law enforcement, courts […] [are] not replicable, and there are strictures on them.” Dimon also manufactured a stage of calling blockchain technological know-how “real,” –– which implying that crypto is not –– stating that JPMorgan is “testing it [blockchain] and will use it for a whole large amount of things.”
Though JPMorgan’s formal place on cryptocurrency and Dimon’s opinion do not constantly coincide, the two have found a change around the earlier year. On Sept. 13, 2017, Dimon reportedly known as Bitcoin a “fraud” at an investor’s assembly, along with threatening to fire any personnel trading Bitcoin on the company’s accounts.
Considerably contrary to what Dimon explained to Harvard Enterprise Overview in his modern job interview, in an SEC submitting on Feb. 27, the lender marked cryptocurrency less than the report’s “Competition” subsection, saying it could “put downward tension on selling prices and fees for JPMorgan Chase’s products and solutions and expert services or could cause JPMorgan Chase to drop sector share.”
In February of this calendar year, a JPMorgan inner report also identified as cryptocurrencies the “face of the impressive maelstrom close to the blockchain technology.”
When speaking with Cointelegraph in Davos in January, Dimon took a stance far more equivalent to what he told Harvard Business enterprise evaluate, saying he “can’t response,” but also declaring he was “not a skeptic.”
In the very last few months, nevertheless, JPMorgan — and evidently Dimon — have a lot more explicitly come out as bullish on blockchain, with the bank even submitting a blockchain-similar patent on May perhaps 3.
On May perhaps 17, JPMorgan declared that they experienced produced and loaded a new position of head of crypto assets system.