Jamie Dimon Explains why JP Morgan’s opinion changed on Cryptocurrencies

Cryptocurrencies like Bitcoin, Ethereum, Litecoin and many more are available to buy in the market. People have mixed opinions on this, and some percentage of people see crypto as a waste of time and money. Jamie Dimon, CEO of JPMorgan Chase company also used to oppose cryptocurrencies. A fact that he is publicly stated in 2017.

Quite recently, an announcement was made that they are releasing JPM coin that is currently under trial. Most of the people in the cryptocurrency community were confused as to why the person who opposed cryptocurrencies started a new currency? Turns out even US Government had the same question.

A group of CEOs along with Jamie Dimon had to testify in Washington, DC regarding the 2008 financial crash. Jamie was asked about the new JPM Coin. To which he replied,

“I do not believe in Bitcoin or any other cryptocurrency because there were no assets or money to support them. It is just based on the current rate of currency and people would do transactions based on those rates.”

According to Jamie, he does not oppose blockchain, but he believes that cryptocurrencies are a bad investment. But with the tests conducted on the blockchain technology, he now believes that crypto may be the future but will require support in terms of assets.

While defending the companies decided to launch its own cryptocurrency Jamie Dimon replied.

 “JPM coin is a token that supported by the deposit JPMorgan. It can be shipped around the world in realtime.”

According to the company, JPM coins will be available to clients for making quick transactions with the company. JP Morgan has provided the concept, but they have not given full details regarding the Cryptocurrency as to which blockchain technology it uses, how it will work and so on.

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