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Jamie Dimon, CEO of JPMorgan Chase, said blockchain will have a central role in the future of finance, even though bitcoin, the market-leading cryptocurrency that made blockchain famous, is not its ” Cup of tea”.
Speaking at the New York Times DealBook conference on Wednesday, Dimon reiterated JPMorgan’s support for blockchain technology as a potentially transformative financial mechanism.
“The blockchain itself will be essential in enabling people to move money around the world inexpensively,” he said. (His bank has been making waves recently with the launch of its “JPM Coin” for wholesale bank payments). “We will always support blockchain technology.”
But Dimon refused to give ground on his opposition to bitcoin.
He reiterated his long-held belief that governments would end up regulating it more tightly (echoed recently by fellow billionaire Ray Dalio). Surveillance is inevitable for something this big, he said.
Even so, Dimon acknowledged that “very smart people” are buying cryptocurrency in the belief that it will outperform gold, the US dollar and US Treasuries.
“Let them do that,” he said. “It’s just not my cup of tea.”
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