JPMorgan Chase CEO Jamie Dimon’s Support for Stablecoins

JPMorgan Chase CEO Jamie Dimon expressed support for stablecoins, a rapidly growing segment of the cryptocurrency market.

> “I believe in stablecoins and blockchain, but I personally don’t believe in Bitcoin,” said Dimon in a CNBC interview.

Dimon announced that JPMorgan Chase plans to launch its own stablecoin in the future, emphasizing that stablecoins are digital assets pegged to traditional assets like the US dollar.

> “I believe stablecoins can do some things that traditional cash can’t,” he noted. However, he clarified that this decision arises from customer demand rather than the bank’s own desires: “It’s not about what JPMorgan wants, it’s about what customers want.”

Historically, Dimon has differentiated between blockchain technology and Bitcoin, frequently criticizing the cryptocurrency while acknowledging that blockchain is a useful technology. His recent comments on Bitcoin have been more restrained compared to his previous remarks.

In 2017, he threatened to fire employees who traded Bitcoin, labeling it a “hyped-up scam,” a “pet rock,” and a “waste of time” in 2023. Nonetheless, he admitted that blockchain technology is applicable for banking transactions.

> “Blockchain is an information transfer system. We’ve used it for nighttime repo transactions, intraday repo transactions, and money transfers. We believe this technology infrastructure is usable,” Dimon explained, highlighting the bank’s technological advancements.

This is not investment advice.