Financial influencers are torn down the middle, due to their stances on cryptocurrency. While some see digital currencies like Bitcoin as a good thing, others like Jamie Dimon – CEO of JPMorgan – considers cryptocurrency as a complete scam. According to the CEO, there is no desire to invest or get involved with cryptocurrency. His despise for Bitcoin was publicly stated yesterday on August 5th, 2018 at the Annual Summer Gala in Aspen. Sunday marked the 25th year of the Colorado-based event. Aspen’s Gala is focused primarily on the current situation of the United States economy.
JPMorgan’s fearless leader didn’t hold back at the event, and neither did other financial leaders who see think the currency is a scam. Nouriel Roubini also distasted Bitcoin on public media platforms. Other financial leaders made statements online, on NEWS platform and across media platforms. Jamie Dimon went so far to push for governments taking control of cryptocurrency, then wholly shutting them down altogether. The reason he has such a view of cryptocurrencies is the inability of financial institutions to control them.
Even though Dimon has some hatred for Bitcoin, he has still been known to retract some of his negative statements in the past about the cryptocurrencies. Having called them frauds in previous interviews, he’s also been known to regret the same negative remarks. At this point, the CEO of one of the largest financial institutions in the world is ready to leave Bitcoin alone. It sounds like he’s pretty much sick and tired of talking about it, prepared to move on to greener pastures and focus on other financial issues.
After all the negativity Dimon has put out on cryptocurrency, he does see value in it at the same time, although he will have nothing to do with it. By no means is Dimon, a skeptic, instead he doesn’t agree with the way the cryptocurrency is managed and used for illicit activities like money laundering. Jamie may see cryptocurrency as a weak point in the United States economy, but he does see the intrinsic, real-world value in blockchain technology.
Not many people in the world can argue against blockchain technology or that it has real value, for mainstream usage. He’s even admitted to the technology team at JPMorgan using blockchain in several instances for testing purposes, to adopt it into their own system. Apparently, the high-ups at JPMorgan are also torn on their cryptocurrency stance, considering the president of the company – Daniel Pinto – sees the value in cryptocurrency, just not as it is right now. Still, other banks and financial leaders like Goldman Sachs and Bank of America, have dived into the cryptocurrencies head first. Both of whom are working on ways to understand Bitcoin better and incorporate blockchain/cryptocurrency technology into their already existing systems.
Should banks be allowed to get involved in cryptocurrency? Leave your opinions on the matter in the comment section below.