J.P. Morgan (JPMorgan Chase & Co.) is the largest bank in the United States, so the opinion of its CEO really does matter when it comes to the future of cryptocurrencies. And saying that he’s not too crazy about it would be an understatement.
J.P. Morgan CEO Jamie Dimon is the man who got in the cryptocurrency news last September when he openly spoke against bitcoin, calling it dangerous. A few months later, when bitcoin was at its peak value, Dimon had to back down, admitting that “blockchain is real” and that its future seems promising.
But, as the bitcoin price went down, many big names from the banking world started bashing it again. Jamie Dimon was one of them. In an interview from the last August, he called bitcoin a scam.
In his latest interview, Jamie Dimon apologized for his harsh comments, but rather than saying that bitcoin is legit, he just say he’s not interested in cryptocurrencies. Actually, his exact words were “I don’t really give a sh*t”.
J.P. Morgan & Cryptos
Despite the comments made by J.P. Morgan CEO, this corporation seems not to share his opinion. In fact, J.P. Morgan has been investing a lot of time and money in the blockchain technology. Only last week, J.P. Morgan announced they’re releasing a new blockchain platform for enterprises.
So, where does Jamie Dimon’s doubts come from? The answer is actually pretty obvious. Traditional banks feel threatened of cryptocurrencies, which could potentially make them go out of business. The blockchain allows two users to send money to one another without any need of using the bank services, which in turn, means that banks do not get their share.
Jamie Dimon is not the only high-ranking bank official who’s expressed his distrust to cryptos. Business magnate Warren Buffett has also spoke against blockchain among many other successful businessmen. It seems that their time is up and unless they adapt, a new dawn of successful entrepreneurs is going to rise.
In Ethereum We Trust
The only way for the banks to ensure their future is to adapt to the new changes brought by the new technology. If they can’t beat cryptocurrencies, they need to join them. And that’s exactly what the people from J.P. Morgan have been doing lately. The CEO of the company might not like it, but J.P. Morgan needed to get involved in the cryptos somehow, thus ensuring that cryptos won’t leave them without work.
And their decision was to create an Ethereum-based platform for crypto trading. The platform called Quorum is dedicated to enterprise customers who can use their token as a real currency. It’s basically a platform for tokenization of gold bars and diamonds.
If proved successful, J.P. Morgan’s blockchain platform could inspire other banks to start doing something similar. The results could be really large-scale. It can change the world of banking as we know it. And according to cryptocurrency enthusiasts, such a scenario is something that is very likely to happen in the near future.
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