Jamie Dimon, Chairman and CEO at JPMorgan chase in an interview at Harvard Business Review was asked about his views on cryptocurrencies. He shed away his views on the digital currency, but mentioned that the Blockchain technology is real. The company is testing it and will use the technology for a whole lot of things.
In the interview, Mr Dimon was also asked about the cheap competitive threats to their business. He mentioned, “Fiat payments apps like Paypal, Venmo, Alipay, and more were a good competition to their business.” He didn’t mention cryptocurrency as a threat, but when asked about his view on it, He said,
“It’s not the same as gold or fiat currencies. Those are supported by law, police, courts. They’re not replicable, and there are strictures on them.” He also added, “Blockchain, on the other hand, is real. We’re testing it and will use it for a whole lot of things.”
On September 2017, Dimon reportedly called, Bitcoin a fraud at an investor’s meeting and also threatened to fire any employee trading with cryptocurrencies on the company’s accounts. In an another interview with Fox Business, He said, “He regrets calling Bitcoin a fraud, but he’s still not interested in it.”
Although, Dimon didn’t mention cryptocurrency as a chief threat to their business in the recent interview, but the JPMorgan marked cryptocurrency under the report’s “Competition” sub-section in an annual report to the SEC (US Securities and Exchange commission.) The report also mentions that,
“Cryptocurrency could put downward pressure on prices and fees for JPMorgan Chase’s products and services or may cause JPMorgan Chase to lose market share.”
Blockchain is a disruptive technology and got popular because of cryptocurrencies. But a lot of people are often mistaken about it, many people still think that both blockchain and cryptocurrencies are same. In reality, cryptocurrencies is one of the implementations of the technology.
