Jamie Dimon, CEO of JPMorgan Chase, has come out with a clear stance that supports the technology behind crypto, but rejects the speculation surrounding it.
At a conference in Washington, Dimon stressed that he believes in blockchain, but not in crypto speculation like Bitcoin.
For him, blockchain is a future technology that can revolutionize the global financial system through efficiency in data transfer, money and the execution of smart contracts.
In fact, JPMorgan itself has proven this confidence by developing their blockchain platform, Kinexys, which handles transactions worth billions of dollars every day.
In addition, the giant bank also introduced JPM Coin which is used for cross-border payments and institutional financial transactions.
However, Dimon’s view of Bitcoin remains critical.
He once described the asset as a ‘pet rock’, something that has no intrinsic value.
More controversially, he also linked the use of crypto to criminal activity, although he still defended the right of individuals to invest in the asset.
Despite the crypto debate, Dimon sees AI as a real force that is changing the world.
JPMorgan is now investing a large portion of its technology budget into AI development, although he warns that too rapid a development could pose risks to social stability.
