Speaking at the New York Times’ DealBook Conference on Wednesday, Dimon affirmed JPMorgan’s enthusiasm for blockchain technology as a potentially revolutionary financial mechanism.
“The blockchain itself will be critical to letting people move money around the world cheaper,” he said. (His bank made waves recently with the launch of its “JPM Coin” for wholesale banking payments). “We will always support blockchain technology.”
But Dimon declined to give ground on his opposition to bitcoin. His longstanding assumption was repeated that governments must eventually control it heavier (something echoed recently by fellow billionaire Ray Dalio). For something so massive, he said, oversight is inevitable.
Even so, Dimon noted that “very smart people” are purchasing cryptocurrency in the belief that it will outperform gold, the U.S. dollar and U.S Treasury bonds.
He said, “Let them do that.” “It’s not my cup of tea.”
