On bitcoin’s 10th birthday, JP Morgan CEO says he doesn’t ‘really give a shit’ about it

JP Morgan CEO Jamie Dimon says he doesn’t “actually give a shit” about bitcoin, his newest harsh touch upon the favored cryptocurrency. Dimon spoke out about bitcoin yesterday at an Axios convention, after preserving silent for a time frame following an apology for calling bitcoin a “fraud.” Final September, Dimon known as out bitcoin in searing feedback, added that, “It received’t finish properly. Somebody will get killed.” However by January, he had backpedalled, saying that he regretted his feedback and acknowledging that “the blockchain is actual” expertise. He saved quiet about the topic till August, when he once more declared bitcoin was “a rip-off.” JP Morgan CEO’s phrases differ from his firm’s actions Regardless of the CEO’s unfavorable outlook on bitcoin, JP Morgan remains to be investing money and time into associated expertise. The corporate introduced final week that it had constructed a blockchain platform known as Quorum, based mostly on Ethereum, for enterprise clients. The corporate proposes to supply digital tokens backed by gold bars and diamonds on the platform. The battle between cryptocurrency merchants and conventional banks and monetary figures like JP Morgan and Warren Buffett has been ongoing. Dimon’s feedback encapsulate how the connection remains to be bitter, as conventional banking establishments are usually cautious of how financially risky cryptocurrency is and, if blockchain ever achieves its objectives, the decentralized monetary buildings that it might create. Bitcoin has misplaced a little bit of its shine since costs hit an all-time excessive of over $20,000 earlier this 12 months. Dimon’s feedback additionally occur to coincide with Bitcoin’s tenth anniversary. On at the present time 10 years in the past, somebody or a collective of individuals going by the title Satoshi Nakamoto printed the bitcoin whitepaper, detailing a new “peer-to-peer” digital money system. Since then, bitcoin’s rising reputation has spawned many different cryptocurrencies, together with Ethereum, Litecoin, and Monero. https://www.theverge.com/2018/10/31/18048960/jp-morgan-ceo-jamie-dimon-bitcoin-cryptocurrency-criticism