Jamie Dimon, the CEO JPMorgan Chase, talked about cryptocurrency in an interview with KMTV 3 News Now in Omaha on Friday, where commented, ‘he does not particularly like cryptocurrencies but will defend people’s right to invest in it’.
I always say I don’t particularly like it. I defend your right to do it. I’d say be very, very careful how much money you put into it.
However, Dimon appreciated the advantages of crypto and its technology admitting that the banking industry has its inefficiencies. he also said in his April letter to shareholders that decentralized finance (DeFi) and blockchain are real.
Not all of it is bad. If you said to me ‘I want to send $200 to a friend in a foreign country,’ that could take you two weeks and cost you $40. You could do it through a digital currency and it’ll take you seconds, so it’ll work out, I think it will be adopted over time by lots of players out there, including banks,’ said Dimon.
JPMorgan Chase has its own digital currency names as JPM Coin, the website states that the coin “facilitates real-time value movement, helping to solve common hurdles of traditional cross-border payments.”
“We use a blockchain network called Liink to enable banks to share complex information, and we also use a blockchain to move tokenized U.S. dollar deposits with JPM Coin.” said CEO Dimon.
In November last year, he warned people to be careful when investing in crypto as it is virtual and has no intrinsic value. In October, he said bitcoin was worthless and questioned its limited supply.
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