Jamie Dimon, JP Morgan and Chase CEO, has once again commented about Bitcoin. But this time it has been a different comment to what we are used to hear. In several occasions he said that Bitcoin is a fraud or that he will hire any employee who traded Bitcoin. Let’s have a look about what he has explained this time.
Jamie Dimon – In the End… Bitcoin is not a Fraud
During an interview with FOX Business Network, Dimon stated that he ‘regrets’ making these comments about Bitcoin. At CoinStaker we have written what Jamie Dimon said in different opportunities. For example, he has said that governments will crash Bitcoin one day. In another opportunity he has even said that he was not going to talk about Bitcoin anymore… he couldn’t wait.
During his interview with FOX he stated:
“The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.”
Some years ago, the banker has also said that Bitcoin was going nowhere and that JP Morgan moved 6 trillion dollars a day. At the moment, Bitcoin is the most famous cryptocurrency in the market. Its price increased exponentially during 2017 as well as the price of other cryptocurrencies in the market. Now it is being traded around $15,000 dollars managing $16 billion dollars’ volume.
Blockchain Technology a Key Part of Bitcoin
But Dimon believes that Blockchain is a technology that must be recognised.
“The Blockchain is real. You can have crypto yen and dollars and stuff like that. About ICOs you have to look at them individually.”
Initial Coin Offerings have been also expanding during 2017. They have moved more than $3 billion dollars. The Ethereum platform is being used by ICOs to run their own tokens. Furthermore, the Ethereum platform offers the possibility to create smart contracts, highly appreciated by enterprises and businesses.
Besides that, Blockchain technology is being implemented everywhere, from governments to enterprises. This technology allows for decentralization in a world that has been highly centralized for years. JP Morgan is also experimenting with blockchain. The intention is to reduce transaction times and the fees involved.
The JP Morgan strategist, Nikolaos Panigirtzoglou, has also explained that cryptocurrencies are obtaining legitimacy with Bitcoin Futures.
“The prospective launch of Bitcoin futures contracts by established exchanges in particular has the potential to add legitimacy and this increase the appeal of the cryptocurrency market to both retail and institutional investors,” he explained.