Jamie Dimon Steps Back from Harsh Crypto Comments - Another Indication that the Traditional Financial World's Hatred of Cryptoassets is Slowly Beginning to Thaw
.Jamie Dimon, CEO of JP Morgan Chase, stepped down from his comments he made in late 2017. In September of 2017, Dimon said that Bitcoin is a "fraud" and that he would fire people who worked for him if they traded in the cryptocurrency.
bitcoin is a fraud
Many in the cryptoasset and cryptocurrency community were unhappy about such remarks coming form a very senior person in the financial and banking world. Many in the financial world, including Goldman Sachs CEO Lloyd Blankfein, hesitated even during that time in 2017 to make extremely harsh criticism of Bitcoin and cryptocurrency. They didn't make extremely harsh criticisms, but they still criticized it.
Blankfein said in November of 2017 that "maybe Bitcoin is kind of a bubble" but he also said that "the list of things that are conventional today that I use every day that I thought would never make it is a very long list."
the list of things that are conventional today that I use every day that I thought would never make it is a very long list
On Tuesday, January 9, however, Jamie Dimon said that he regretted calling Bitcoin a fraud - he added that he feels the "blockchain is real." These statements were likely prompted by various things, including the rise in cryptocurrency and cryptoasset prices since Dimon made that original statement. However, it's likely that pressure on Wall St. to not be the pariah of the crypto world also had something to do with it. Finally, it's possible that Dimon simply took some time to learn more about cryptocurrency and cryptoassets - after that learning he might have a better opinion of the overall technology behind it.
the blockchain is real
While many want to look down upon Dimon for going back on his remarks or for not being on the mark back in 2017, this isn't a smart way to think about things. Incentives matter a lot - this is basic economics. Jamie Dimon is the CEO of one of the world's largest financial institutions - he is the epitome of the entrenched establishment in the global financial world. No one who is not naive should be surprised that such a person would make negative comments about something that could potentially disrupt his entire industry - an industry he devoted his life to. Instead, it's promising that he took a step toward setting things right.
And now, given the rise of cyrptocurrencies and crypto assets to quasi-mainstream financial assets, we're dedicated to providing quality, relevant, and interesting material on cryptocurrencies and cryptoassets. Articles on Bitcoin, Ethereum, Ripple, Cardano, and many more cryptocurrencies and cryptoassets can be found on Pennies and Pounds - all that in addition to a plethora of information on what cryptoassets are, how the entire crypto industry came to be, blockchain/immutable ledger technology, mining, proof of work, proof of stake, and how to prudently invest in crypto if you are so inclined (based on your risk tolerance and ability to withstand the volatility that will come with a crypto portfolio).