The CEO of JPMorgan Chase, Jamie Dimon, may not have plans to invest in Bitcoin, but he has just expressed his regret in labeling it a fraud last year.
Dimon shared, “I regret making those comments. The blockchain is real. You can have crypto yen and dollars and stuff like that.”
Back in September, as Bitcoin was experiencing a surge in value, Dimon labeled it a fraud, warning that he would fire all traders that bought and sold the digital money. He made it a point to express his disinterest in cryptocurrency, explaining that he expected governments to intervene, which would disrupt Bitcoin’s growth and overall global acceptance. Many people were upset over his comments.
Dimon went on to say that the Bitcoin issue, to him, has always been how the governments are going to react towards Bitcoin as it continues to grow in popularity. He explained that he simply had a different opinion than many other people and was not interested that much in the topic at all.
However, he supports blockchain technology and believes that initial coin offerings need to be researched on an individual basis. Dimon is not the only person to express interest in blockchain technology itself, while not caring about Bitcoin or other altcoins.
The CEO of PayPal, Dan Schulman, shared that the company’s focus is placed on innovation within the payment market, but not necessarily on cryptocurrency.
He further explains, “I think right now, and we’re seeing this maybe more than ever, the volatility of the cryptocurrency makes it actually unsuitable to be a real currency that retailers can accept. That’s because retailers have very narrow margins, and when you have a Bitcoin bouncing up and down by 15 percent over a couple weeks period, that can be the difference between profits and losing money on every sale.”
Although Schulman has his concerns about Bitcoin, he believes that blockchain technology is a real breakthrough for all technologies that are founded on distributed trust. He also thinks that PayPal has enough room to spend some time focusing on the many ways to harness blockchain technology and improve upon it.
Schulman says, “I think you need to separate out the Bitcoin or cryptocurrencies as currencies and the underlying protocol called Blockchain.”