JPMorgan CEO Jamie Dimon hardly can change his mind on Bitcoin and the other crypto assets even after the fact that the bank will launch a Bitcoin Fund this summer.
Dimon was an opponent of Bitcoin. Before a few years, he stated that the first cryptocurrency by market cap is a “fraud”. Lately, he started to soften his stance but he remains a crypto skeptic.
On Tuesday during the WSJ CEO Council Summit, he said “I’m not a Bitcoin supporter,” and continued “I don’t really care about Bitcoin. I have no interest in it.”
Even so, the CEO had no other opportunity except to start thinking about crypto plans – the industry is growing fast and the clients of the bank want some kind of crypto exposure. In March JPMorgan announced its plans for a “Cryptocurrency Exposure Basket” which will contain shares of 11 companies such as MicroStrategy, Square, PayPal.
Last month the biggest US bank shared a plan to launch an active Bitcoin Fund which will allow its clients to invest in Bitcoin directly.
In 2020 JPMorgan approved banking accounts for crypto exchanges Coinbase and Gemini while operating with its own stablecoin JPMCoin. The coin is designed to enable instant transfer of value between bank account holders and is pegged 1:1 to the US dollar.
“Blockchain is real, we use it. Then you have digital currencies that are 100% backed by actual assets,” said Dimon. “But people have to remember that a currency is supported by the taxing authority of a country, the rule of law, a central bank.”
On the question about CBDCs Dimon that they have the potential as digital money but the user’s privacy is in the first place.
According to the banker, the US has to look at CBDC privacy differently than, for example, China—which is actively exploring CBDCs on a national level and “wants to know what you do with your money.”
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