Welcome to our Jamie Dimon news page. Here you'll find some of our featured Jamie Dimon’s Bitcoin content pieces as well as all our latest Jamie Dimon CNBC Interview posts.
Jamie Dimon Talks About Blockchain After 'Forecasting' Bitcoin Dropping More than 80%
During a conversation with CNBC’s Squawk Box, Jamie Dimon talked about blockchain technology after Bitcoin (BTC) falling more than 80% since its all-time high back in December 2017.
Jamie Dimon is the CEO of JP Morgan and has been always against Bitcoin and cryptocurrencies. He called Bitcoin a ‘fraud’ and commented that governments were going to ‘crash’ Bitcoin with regulations.
At the World Economic Forum in Davos, Dimon told CNBC that he ‘didn’t take any’ when asked if he took any satisfaction in seeing Bitcoin dropping as it did during 2018. Although he has criticized Bitcoin several times, he has supported blockchain technology.
JP Morgan itself is currently working with distributed ledger technology in a permissioned blockchain platform known as Quorum. According to Dimon, Blockchain is a database that some companies can have access to and that is a better replacement for certain online databases.
As mentioned before, JP Morgan is working with blockchain technology in order to reduce the number of parties needed to verify payments around the world. This allows the firm to process payments in just hours compared to weeks. Some of the banks working with the platform offered by JP Morgan are the Royal Bank of Canada and Australia and New Zealand Banking Group.
IBM is also exploring blockchain technology solutions and how to implement them in many different industries. The financial sector could be drastically enhanced by implementing blockchain technology and using digital assets as well.
During the last year, Bitcoin has been in a bear market that affected the whole ecosystem. Back in December 2017, Bitcoin was reaching $20,000. After it, the popular digital asset dropped and the whole crypto market followed the trend.
At the time of writing this article, Bitcoin is being traded around $3,600 and it has a market capitalization of $63.13 billion. Although it has fallen throughout 2018, it still remains the dominant digital asset in the space.
Crypto Market Carnage Triggers JPMorgan Chase Bank CEO Jamie Dimon’s Bitcoin Comments
Jamie Dimon, the CEO of JP Morgan, has always been opposed to Bitcoin (BTC) and cryptocurrencies. Perhaps, he was more friendly towards blockchain technology. But certainly, he did not like Bitcoin. Indeed, he had several negative comments about the popular virtual currency and those who invested in it.
Since the beginning of the current year, virtual currencies are falling and reaching new year lows. This is clearly something not positive for the whole crypto market. This is why Jamie Dimon might be the only person happy about this.
Back in September 2017, Jamie Dimon said that Bitcoin was a ‘fraud’ and that it will eventually blow up. Although Bitcoin continues to exist and there have been several events showing Bitcoin’s strengths, Bitcoin is currently not in the situation that several analysts and individuals believed that it was going to be.
Later in January 2018, Dimon said that he regretted the comments he gave. Furthermore, he said that he believes in the technology behind Bitcoin, the blockchain.
A few hours ago, Bitcoin registered the same price as when Dimon gave these words about the popular virtual currency. In some exchanges such as Coinbase, Bitcoin was traded under $4,200 dollars.
At the time of writing this article, Bitcoin has a market capitalization of $78 billion dollars and each BTC can be bought for $4,500 dollars. In the last 24 hours, Bitcoin lost 1.31% of its value.
According to some analysts, Bitcoin could keep falling down to $1,500 dollars before starting a new bull run. In December 2018 and February 2019, there are two events that are very promising for Bitcoin and the crypto community. In December, the Intercontinental Exchange (ICE) will be launching the Bakkt platform for institutional investors that want to place their funds in the cryptocurrency market.
Later in February 2019, the U.S. Securities and Exchange Commission (SEC) might approve the first Bitcoin exchange-traded fund in the world (ETF). This would also be very positive for the market allowing new investors to have exposure to cryptocurrencies.
Will The Crypto Community "Torch" JPMorgan's CEO Jamie Dimon via BTC Lightning Network?
Have you ever heard of Jamie Dimon? The man is a notorious anti-Bitcoin person, but he’s the CEO of JPMorgan, one of the most important financial companies in the world.
Now, Jamie Dimon’s company is set to launch a JPMorgan-branded digital currency. Michael J. Casey has written on Coindesk about whether the community will accept this new token or “torch” Jamie Dimon.
On the article, Casey, which from the board of directors of Coindesk, talks about the new initiative from the bank at the same time that he highlights just how interesting the Bitcoin Lightning Network, which is currently having its promotional Bitcoin Lightning Torch event. He uses the two events in order to juxtapose the new token launched by JPMorgan and more decentralized options.
JPMorgan’s “Crypto” And The Lightning Torch
The new JPMorgan-branded currency has been receiving a lot of attention from the media. It will be set on the company’s own distributed ledger and will mainly be used for large-scale corporate and institutional clients which operate within the banks’ operations.
Part of why the project has been receiving so much attention is because Dimon is an open Bitcoin hater and his company is now launching what is being called by the media as a cryptocurrency (but it is actually not, just something similar). This currency will be called JPM Coin.
The Lightning Network, on the other hand, is an off-chain solution that is being used in the Bitcoin network in order to scale more its services and make it faster. Now, the community has started the Lightning Torch movement on January 19 as a part of a large promotional case.
Initially, people sent 0.0001 BTC to each other in order to “pass the torch”. The value went up with time and now the torch is with Meltem Demirors, the Chief Strategy Officer at CoinShares. At the time, the value is way higher, at around $156 USD. Once the final value is reached, the money will be donated to charity.
On one side, you got a centrally managed platform from the private initiative which moves a huge amount of money every day. On the other one, you got a small but strong decentralized community making exchanges of value.
Which Side Will Be The Winner?
Despite the fact that JPM Coin uses a sophisticated protocol and moves a lot of money around, some people are ready to argue that the Lightning Network is a much more important initiative which will solve more important problems because it maps the framework of the crypto world for instantaneous payments that are really decentralized.
While JPM Coin is just a part of another private service, the Lightning Network will let people move their money around without depending on a bank, which is way more revolutionary.
JPMorgan made its services faster and more reliable with this new technology and that is far from actually being irrelevant, but the article writer pointed out that the system depends on JPMorgan, which makes it far from a decentralized system.
While the heavy structure of a bank makes it prohibitive to actually make small payments. However, with a structure like the LN, you can use them and this kind of transaction will be the most important ones in the future.
The Lightning Torch Matters
The article finishes by defending the idea of the Lightning Network. According to it, there is no guarantee that the Lightning Network will succeed, but the Layer 2 option could improve scaling and costs for Bitcoin and this would make the network much more efficient.
As the developers need real-world functionality for their products, like the Lightning Torch end up being so important because it shows how the product actually works in real time. This way, the developers can find new bugs and the community can see the product in action.
Low-stakes transactions are important because they can demonstrate the functionality of the product without risking to lose a big amount of money. This can help to engage people without risking a lot, which is ideal for this kind of situation and will help to make transactions more common.
All of this, in the long term, can help to bring Bitcoin closer to people and to find new routes which can be used to finally make the Bitcoin prophecy come true and really bring us the decentralized financial system that Satoshi promised.
JPMorgan Chase’s Jamie Dimon Is Pro-Blockchain and Anti-Cryptocurrency For Business
Despite Calling Fiat Payment Apps a “Disruption,” JPMorgan Chase Sees Potential of Blockchain for Their Business
Jamie Dimon of JPMorgan has continued to stand strong on his support of blockchain technology but has been increasingly silent about the cryptocurrency it was originally made for. He has gone as far as to call fiat payment apps “the biggest potential disruption to our business,” which was published in an interview with Harvard Business Review.
The interview involved questions about the competition between JPMorgan, which is one of the Big Four banks in America, and the rest of the industry. When discussing the biggest theft, Dimon said “new forms of payment,” referring to programs like PayPal, Venmo, and Alipay. He said, “these companies are doing a good job of embedding basic banking services in their chats, their social, their shopping experience.”
Most experts in the field would expect Dimon to say that cryptocurrency is a threat, but Dimon instead said, “I probably shouldn’t say any more about cryptocurrency.” However, that did not stop him from saying that this digital asset is different from gold and fiat currency, saying that they are “supported by law, police, courts [...] [are] not replicable, and there are strictures on them.” His stance on blockchain in the discussion was more certain, calling it “real,” which implying that cryptocurrency is not, comparatively. He also said that JPMorgan has made the decision to test it “and will use it for a whole lot of things.”
It is important to note that Dimon’s opinions and JPMorgan’s opinion are not always the same, but they have still evolved with the changes of the industry. Back in September last year, Dimon was quoted in calling Bitcoin a “fraud” during a meeting for investors, and he even told employees for the company that they would lose their job for getting involved in trading the token. By January, he was saying that he was “not a skeptic” of cryptocurrency.
With an internal report filed at JPMorgan, the company directly called the world of cryptocurrency the “face of the innovative maelstrom around the blockchain technology.” The report was filed in February 2017.
In Dimon’s February 27th SEC filing, he noted that cryptocurrency was considered competition in the industry, which is different from the opinions he expressed in the month before. He added the comment that it had the potential to:
“put downward pressure on prices and fees for JPMorgan Chase’s products and services or may cause JPMorgan Chase to lose market share.”
Becoming More Cohesive
Since that filing, JPMorgan and Dimon have come closer together in their opinions. The bank has since filed a patent application on May 3rd, which concerned their use of blockchain technology. In the two weeks that followed, the bank had found someone to be their official Head of Crypto Assets Strategy.
Recent Jamie Dimon CNBC Interview: I Don't "Give a Sh-t" About Bitcoin But Blockchain is Great
Recent CNBC Interview with Jamie Dimon Shows That He Doesn’t “Give a Sh*t” About Bitcoin
Jamie Dimon spoke at the Axios conference on October 30th, expressing his opinions on Bitcoin while also being asked why he has changed his stance. To put it simply, he said:
“I never changed what I said, I just regret having said it. I didn’t want to be the spokesman against bitcoin. I don’t really give a sh*t, that’s the point, okay? Blockchain is real, it’s technology, but bitcoin is not the same as a fiat currency.”
In September last year, Dimon was clear about his believe that Bitcoin was just a scam, adding that it “will eventually blow up.” This echoes his history as a critic of the industry, who has described crypto as a “fraud,” a “waste of time,” an asset that is “worth nothing,” a “stupid” investment,” and an asset with “no actual value.” Still, he has been supportive of the blockchain technology and the way that it has flourished.
In January, just a few months later, he said that he regretted his comments against BTC from before. Some enthusiasts at the time believed that this decision to go back on his comments were indicative that he was becoming more accepting and positive towards cryptocurrency. That idea was only further supported by the new crypto strategy that JP Morgan Chase chose to take on.
Only 10 years ago, the original Bitcoin whitepaper was put out to the world by Satoshi Nakamoto. VP of business operations for BTC.com, Alejandro de la Torres, commented on the anniversary by saying,
“Bitcoin’s Proof of Work (PoW) algorithm has proven to be the most successful consensus model, and I believe it is the best way forward for decentralized consensus systems. It provides a strong economic incentive for miners, while automatically adjusting difficulty to maintain long-term mining incentives. This PoW, based on Game Theory, provides the security that is fundamental to the vision of blockchain.”
He added that the right approach will allow Bitcoin to “thrive into the next 10 years.”