JP Morgan Chase Bank Chairman and CEO Jamie Dimon (Jamie Dimon) is optimistic about blockchain technology, but is reluctant to comment too much on cryptocurrencies. He said that fiat currency payment applications are "the biggest potential disruptor of our business."
When asked about the company's main competitive threats, Dimon specifically pointed out "new forms of payment" including PayPal, Venmo and Alipay. Dimon said: "These companies integrate chat, social and shopping experiences into basic banking services, and they do a good job."
However, Dimon did not mention that cryptocurrency is a potential saboteur for banks. When he was asked about his views on cryptocurrency, Dimon simply replied: “I probably shouldn’t talk about cryptocurrency anymore.†Dimon believes that cryptocurrency is “different from gold and legal tender because the latter is affected by It is protected by law, police, and courts. Copying is not allowed and there are restrictions." At the same time, Dimon believes that blockchain technology is "real", which implies that cryptocurrency is not the case. He also mentioned that JPMorgan Chase is "testing the blockchain and using it for many things."
Although JP Morgan’s official position on cryptocurrencies and Dimon’s views are not always consistent, both have changed in the past year. According to reports, on September 13, 2017, Dimon called Bitcoin a "fraud" at an investor meeting and threatened to fire any employees who traded Bitcoin on the company's account.
However, unlike Dimon’s point of view, JPMorgan Chase Bank stated in the competition section of its report to the US Securities and Exchange Commission on February 27 that cryptocurrencies may “put downward pressure on the prices and fees of JPMorgan’s products and services, which may lead to JP Morgan Chase loses market share".
In February of this year, an internal report by JP Morgan Chase also referred to cryptocurrency as an "innovative vortex surrounding blockchain technology."
In an interview in Davos in January this year, Dimon said that he "cannot evaluate cryptocurrency", but also said that he is "not a skeptic."
At the same time, in the past few months, JPMorgan Chase and Dimon have expressed more clearly that they are optimistic about the blockchain, and the bank even submitted a blockchain-related patent on May 3.
On May 17, JP Morgan Chase announced that they had created and appointed a new position as the head of crypto asset strategy.
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