The CEO, Jamie Dimon who was bashing Bitcoin few years ago is now publicly announcing his move into the world of Cryptocurrencies. There was also a time when he was mocking his daughter for investing in it. Analysing all this, now it is revealed that he had a master plan behind all this.
CNBC published a report where JPMorgan’s head of blockchain revealed plans for JPM Coin. The cryptocurrency will internally be applicable between JPMorgan Chase’s wholesale business clients, as one of the faster way to move funds that might otherwise rely on the traditional Swift interbank messaging system. In a statement published yesterday, Jamie Dimon said,
Ultimately, we believe that JPM Coin can yield significant benefits for blockchain applications by reducing clients’ counterparty and settlement risk, decreasing capital requirements and enabling instant value transfer.
Jamie Dimon was so much against Bitcoin trading that he warned his employees of firing them if they ever invested in Bitcoin. The users now question that will he fire his employees for trading JPM coin? Which is the other asset that Dimon calls a fraud that the users can buy it now?
Dimon sees either fail or succeed as the two futures for bitcoin and cryptocurrencies. These tokens will be issued using Quorum but eventually, they will be exchangeable on most blockchains.
— CNN Business (@CNNBusiness) February 14, 2019
Jamie’s thoughts on Cryptocurrencies saw a drastic change just in a span of three years. During the year 2017, Jamie said Bitcoin is a fraud that will eventually blow up. Again during the year 2018, he regrets in calling Bitcoin a fraud and believes in the technology behind it. Finally, in the year 2019, JP Morgan is rolling out the first US bank-backed cryptocurrency.
Owing to all of these, some of them might perceive JPMorgan’s participation in the crypto industry as a positive indication towards bridging of worlds. Whereas others consider it a danger to the still-burgeoning industry. Specially to Ripple which is currently on the third position by its market cap value.
What is your opinion? Will this decision of JPMorgan make a positive impact or will it be competition to other cryptocurrencies? Share your thoughts in our comments section.