The CEO of financial conglomerate JPMorgan Chase said that crypto-assets have advantages over fiat currencies. Jamie Dimon, in an interview with KMTV 3 News Now, said that he does not consider himself a supporter of cryptocurrencies, but he is not going to discourage his clients from investing in digital assets. The financial mogul explained that digital currencies do have advantages over public ones in some aspects, such as banking services:
“Suppose I want to send $200 to a friend in another country. It would take me about two weeks and I would pay a $40 commission. With digital currencies, it would only take me a few seconds. Eventually, big players, including banks, will start using them.”
Dimon still recommends caution when investing in crypto-assets.
Speaking about the adoption of digital currencies among institutions, the JPMorgan Chase chief did not specify what he was referring to: conventional staplecoins, central banks’ digital currencies or JPM Coin’s own staplecoin. The bank began testing it for international payments a few years ago, and JPM Coin was first used commercially in 2020.
Dimon has long been known as a cryptocurrency sceptic. Last year he said bitcoin had no intrinsic value, despite the limited supply. However, the bank has its customers’ interests in mind and last year JPMorgan Chase gave retail customers access to six cryptocurrency funds.
Recently, Dimon has spoken out in favour of blockchain and decentralised finance (DeFi), saying they can improve banking and financial system performance as well as speed up information sharing.