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JPMorgan Chase chief Jamie Dimon has cited himself as a prominent skeptic of virtual currency tokens such as Bitcoin, which users have testified before U.S. lawmakers as widespread Ponzi schemes.
During an oversight hearing held by the House Financial Services Committee last Wednesday, Dimon was asked what would prevent him from getting more involved in cryptocurrency.
Dimon says he’s proud of public ledgers, tokens, smart contracts, ledgers and decentralized finance (DeFi) that do something. He then criticized cryptocurrency tokens known as currencies.
When asked about the proposed U.S. virtual currency bill, Dimon said there was nothing inappropriate about a highly regulated stablecoin, suggesting that the bill should be comparable to the amount of money commercial funds buy.
Dimon has previously described Bitcoin as a scam and said he has no personal interest in supporting the industry. He has occasionally downplayed his views on cryptocurrency, suggesting it could play critical use cases such as cross-border payments.
Statement against the action
Despite Dimon’s views on virtual currency, JPMorgan has already invested in distributed ledger technology. In the year In October 2020, the economic behemoth introduced JPM Coin, the first virtual currency backed by a US financial institution to increase its stabilization efficiency.
Within a week of the cryptocurrency’s launch, the bank introduced Onyx, a new company division dedicated exclusively to distributed ledger technology.
JPMorgan became the first financial institution in the virtual world when it launched its virtual lounge in Decentraland, the world of Metaverse, in February. The transition to the virtual world included the publication of a document by the company that referred to it as a $1T opportunity.
JPMorgan is hiring new staff to expand its presence in the cryptocurrency and blockchain space, as it previously hired former Microsoft executive Tahreem Kamptom as executive marketing manager on September 9. Given his LinkedIn profile, Camp could also help JPMorgan by researching blockchain technology.
During the trial, lawmakers questioned the CEOs of other prominent US financial institutions about their plans to issue virtual currencies. Citigroup CEO Jane Fraser, Bank of America CEO Brian Moynihan and Wells Fargo CEO Charles Scharf have said they have no plans to invest in their respective companies.
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