The CEO of financial conglomerate JPMorgan Chase said that crypto assets have advantages over fiat currencies.
Jamie Dimon in interview KMTV 3 News Now stated that it does not consider itself a supporter of cryptocurrencies, but at the same time it is not going to dissuade its clients from investing in digital assets. The financial magnate explained that in some aspects, digital currencies do have advantages over government ones, for example, in the field of banking services:
“Let’s say I want to send $200 to a friend in another country. It would take me about two weeks to do this and I would pay a commission of $40. With the help of digital currencies, it will take me only a few seconds. Over time, large players, including banks, will start using them.”
When investing in crypto assets, Dimon still recommends caution.
Speaking about the adoption of digital currencies among institutionalists, the head of JPMorgan Chase did not specify what he had in mind: regular stablecoins, central bank digital currencies, or JPM Coin’s own stablecoin. A few years ago, the bank began testing it for international payments, and in 2020, JPM Coin was first used for commercial purposes.
Dimon has long been known as a cryptocurrency skeptic. Last year, he stated that bitcoin has no intrinsic value despite its limited supply. However, the bank is mindful of the interests of its clients and last year JPMorgan Chase gave retail clients access to six crypto-currency funds.
Recently, Dimon has spoken out in support of blockchain and decentralized finance (DeFi), stating that they can improve the operation of the banking and financial system, as well as speed up the exchange of information.
Source: Bits
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