JP Morgan Chase CEO Said Crypto Companies Want To “Eat Our Lunch”
- JP Morgan Chase CEO considers crypto companies are entering the market
- Traditional financial institutions such as banks are having difficult times competing with new companies
The CEO of JP Morgan Chase, Jamie Dimon, said in a recent interview that cryptocurrency companies are trying to enter the banking space and gain part of the market. He said that during a conversation with Yahoo Finance. He has also mentioned that they have not spoken with Facebook about Libra.
Jamie Dimon Talks About Crypto Companies
Jamie Dimon, the CEO of JP Morgan, seems to be worried about what different companies in the cryptocurrency space are currently trying to do. He said that although he didn’t talk with Facebook about Libra’s digital asset, he considers that it is very possible that someone in the company did.
In addition to it, he said that competition in the space is real. Virtual currencies allow for disruption in the banking industry. Crypto-related firms and companies provide similar services that banks were previously working with. However, he explained that this is not an existential threat for banks.
About it, he commented:
“We’re going to have competitors, whether it’s a cryptocurrency competitor or another FinTech competitor. We’re going to have competitors. I tell our people, don’t guess, you know they’re there, you know they’re coming, you know they want to eat our lunch. Assume it.”
Dimon considers that there are several issues related to the future of money. He considers that some of these issues are created by governments while others not. He has also talked about banking regulations and how these firms are going to be compliant with regulatory issues in the market and how governments are going to be considering them.
Mr. Dimon has also commented that Bitcoin investors were stupid and that governments will eventually crack down on digital currencies.
In addition to it, Bank of America informed that they are worried about the current crypto and blockchain landscape. They mentioned that there are institutions that offer products that were traditionally banking products.