on the crypto
Cryptocurrencies are not a threat to the banking system. In fact it is a thesis accepted by many international finance players, who have long indicated an opportunity in digital currencies and not a problem. If, however, it is Jamie Dimon, a similar statement can only provoke a remarkable astonishment, considered as the CEO of JPMorgan Chase until about a year ago he did not have too many qualms to indicate the Bitcoin and digital assets generally like a scam. Until very firmly stating his willingness to dismiss the bank traders he directed, without thinking twice, caught fiddling with cryptocurrencies.
The interview with Yahoo Finance
What was indicated by many as a real turnaround, occurred during an interview given by Dimon to Yahoo Finance, during which the number one of JPMorgan stated that the system works to perfection, so much so that every single transaction in which the bank is a protagonist takes place in full compliance with the Know Your Customer and money laundering procedures. To conclude that despite they do not represent an actual threat to the core banking business, the virtual uniforms are able to give life to a notable competition in some determined sectors.
In short, it seems that centuries have passed since Dimon was biting Bitcoin with fiery words, so much so that many push to indicate in the launch of JPM Coin, the cryptocurrency launched by JPMorgan Chase the real reason for this new orientation.
The attack by Tim Draper
Dimon's turnaround could not have gone unnoticed. To lead the list of those who now do not seem to want to miss the opportunity to take off their pebbles from their shoes is Tim Draper, founder of Draper Associates and long-time supporter of the digital economy. During an interview with Wendy O in April, Draper attacked Dimon heavily, claiming to see him in a very complicated phase, the one that usually preludes to a real reversal of his convictions. In this case the outcome of the process would lead from the denial to the complete acceptance of that universe of digital assets that the JPMorgan Chase CEO had attacked in no uncertain terms. Except then discover a few months after the words of the 2018 that the bank had not made too many scruples in investing, even if not directly, in BTC on behalf of its customers.
The words of David Salomon
If the quarrel between Dimon and Draper seems to be due to the frictions that have existed for some time between the two, it must finally be remembered as also David SalomonCEO Goldman Sachs, on the other hand, recalled how global payment systems are now moving in the direction of stablecoin, or digital uniforms anchored to fiat coins to prevent typical BTC and Altcoin fluctuations. An orientation that, moreover, could have been easily predictable, precisely in view of the considerable potential that cryptocurrencies seem to guarantee from the point of view of speed and security of transactions.
