JPMorgan CEO Jamie Dimon Still on The Sidelines, Bitcoin’s ‘Not My cup of Tea’

Jamie Dimon, the CEO of banking giant J.P Morgan Chase, has again expressed his disinterest in Bitcoin during the recently concluded DealBook Online Summit. Andrew Ross of CNBC hosted the virtual event, and in-attendance were other prominent figures, including Lebron James, Elizabeth Warren, and the CFO of Google and Alphabet, Ruth Porat.

Dimon reiterated that he is not interested in Bitcoin but believes in properly regulated and properly backed cryptocurrencies. He was keen to note that Bitcoin is not his cup of tea and doesn’t want to make headlines in line with the flagship cryptocurrency. This is not the first time the JP Morgan CEO has come at Bitcoin; back in 2017, Dimon called BTC a fraud, attracting a backlash from the crypto community.

Nonetheless, he highlighted that blockchain would be a critical tech ‘in helping people move money around the world cheaper.’ JP Morgan already runs its dollar-backed coin and has been developing solutions around blockchain tech. Dimon echoed that,

“We have the JP Morgan Coin, which is a dollar-backed blockchain. You can move the money, split it into pieces … We believe in cryptocurrencies properly regulated and properly backed. Bitcoin is different, and that’s not my cup of tea.”

Meanwhile, BTC continues its bullish trend, although the market seems to have consolidated between $17,500-17,900. Interestingly, financial institutions, including JP Morgan bank, are among the stakeholders that have recently signaled BTC’s fundamentally bullish trend in the coming decade.

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Author: Edwin Munyui

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