Popular CEO Jamie Dimon of JP Morgan has reiterated his stance once again, speaking effusively about the “blockchain” technology but does not have the same to say about Bitcoin. Speaking in an interview with the Harvard Business Review, he called fiat payment apps the biggest potential disruption to the bank’s business.
Dimon, the chairman and CEO of one of the largest banks in the United States, became infamously popular in the crypto-circle last year when he publicly declared bitcoin as a “Fraud” and promptly called its supporters “stupid.” Although he would come to reverse his claim early this year, it seems his skeptical views are yet to change. The Havard Business Review questioned Dimon about JPMorgan’s chief competitive threat, and he admitted it was the growing modern “new forms of payment.”
By the new form of payments, Dimon means platforms such as Paypal, Alipay, and Venmo, adding that “these companies are doing a good job of embedding basic banking services in their chats, their social, their shopping experience.” When quizzed about whether cryptocurrency was a competition too, he rather replied he was not supposed to talk about it.
Blockchain Is Real
However, he did talk about it. In a subtle veiled dig targeted at cryptocurrencies, Dimon said the Blockchain technology is “real” and talked about how digital currencies were not the same thing as gold or fiat currencies which are instead supported by the police and the law and have real, reliable structures. Still on Blockchain, he announced that:
“We’re testing it [Blockchain] and will use it for a whole lot of things.”
Dimon’s views and opinions though are not representative of JPMorgan; so it seems. While Dixon has chosen to ignore the rise of digital currencies, the bank itself, in a report released in February, marked cryptocurrency as a “Competition.” The report admits that digital currencies like bitcoins could “put downward pressure on prices and fees for JPMorgan Chase’s products and services or may cause JPMorgan Chase to lose market share.”
It is even more surprising (considering Dimon’s statements) that in the same February of this year, an internal report from JPMorgan labeled cryptocurrency” the face of the innovative maelstrom around the blockchain technology.”
What is however evident, is the aggressive take of JPMorgan and Dimon on Blockchain, with the bank even filing a blockchain related patent earlier this May.