The post JPMorgan CEO’s Crypto Divide: Stablecoins In, Bitcoin Still Out appeared first on Coinpedia Fintech News
On July 30, JPMorgan Chase CEO Jamie Dimon announced a new partnership with Coinbase to help more people access cryptocurrencies. He said the goal is to make it easier for Chase customers to use digital currencies and stablecoins.
In a recent interview with CNBC, Dimon showed strong interest towards stablecoins and blockchain. When asked about the affiliated risks for Chase customers in trading stablecoins with Coinbase, he said that there is no financial product that does not entail risks.
“I’m a believer in stablecoin. I’m a believer in blockchain. Not personally a believer in Bitcoin itself,” Dimon added.
He also clarified that Chase’s engagement with crypto, particularly with stablecoins and blockchain-based products, is largely driven by customer demand rather than the company’s personal interest.
Dimon added, “If the customers want to use it, and how they use it, and it’s used properly, we will be doing it. It’s what the customer wants. It’s not what JPMorgan personally wants.”
From a Crypto Critic to Stablecoin Believer
Over the years, Dimon has harshly criticized digital assets, especially Bitcoin. In 2017, he even called it “fraud.” He reiterated his statements that Bitcoin is dangerous, has no intrinsic value, and is used for criminal activities.
However, his recent actions in crypto space confirm that Dimon’s stance on digital assets, especially in stablecoins and blockchain-based products, has changed drastically. He also acknowledged the legitimacy of blockchain technology and highlighted its real-world applications for financial services and record keeping.
While he remains skeptical about Bitcoin, he is not explicitly opposed to crypto that holds clarity in regulations and serves a straightforward purpose.
The new partnership between Chase and Coinbase lets customers safely connect their bank accounts to Coinbase wallets using JPMorgan’s secure API system. This move also shows Dimon’s growing support for cryptocurrency.