Jamie Dimon hated bitcoin. Now JPMorgan is getting ahead of the crypto revolution
CNNNew York CNN Business — JPMorgan Chase boss Jamie Dimon famously bashed bitcoin as a “fraud” that global governments would “crush.” Less than two years later, Dimon is pushing his company headfirst into the crypto space. “If JPMorgan doesn’t do it, someone else will.” Photo Illustration: Bloomberg / Getty Images / Shutterstock / CNN Current system is ‘slow and crappy’ While Dimon publiclybashed bitcoin, his bank was quietly researching the promise of blockchain, the tamper-proof digital ledger that bitcoin is built on. We’ve always believed it’s a good technology,” Umar Farooq, JPMorgan’s head of digital treasury services and blockchain, told CNN Business on Thursday after the JPM Coin announcement. Farook said that even several years down the line it’s likely that JPM Coin will represent a “pretty small portion” of the $6 trillion in payments that JPMorgan moves around each day. JPM Coin “needn’t worry proponents of cryptcurrencies like bitcoin – it’s not the same thing,” said Baldet, the former JPMorgan blockchain exec who is currently CEO of Clovyr, a company focused on data sharing.
History of this topic
Bitcoin is a ‘hyped-up fraud’, says JP Morgan chief
The Telegraph
HSBC doesn’t want in on bitcoin mania
CNN
What Bitcoin’s new record means for wall street
Live Mint
JPMorgan is creating its own cryptocurrency
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