Jamie Dimon says he’s not going to talk about bitcoin anymore

  • During Citigroup’s earnings call Thursday, Chief Financial Officer John Gerspach said, “We think the area of cryptocurrency and digital currency is an area worthy of exploration.”
  • Gerspach said Citi’s labs in Tel Aviv and Dublin are looking at digital currencies, cryptocurrencies and blockchain.
  • Another digital currency, ethereum, traded mildly higher near $307.
  • Many digital currency enthusiasts see ethereum as the foundation for the next generation of the internet.
  • The bank then became a founding member of the Enterprise Ethereum Alliance in February, and partnered with the developers of privacy-focused digital currency Zcash in May.

After the CEO of JPMorgan Chase caused a stir by calling bitcoin a ‘fraud’ last month, he says he’s not commenting any further.
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Jamie Dimon says he’s not going to talk about bitcoin anymore

  • Jamie Dimon, chairman and CEO of JPMorgan Chase, said he is no longer going to discuss bitcoin after his comments last month that the digital currency was a “fraud” caused quite the stir on Wall Street and Silicon Valley.
  • But I’m not going to talk about bitcoin anymore,” said Dimon in response to a question during the bank’s third-quarter earnings call with media on Thursday.
  • JPMorgan CFO Marianne Lake then took over the conversation.
  • “We are open-minded for digital currencies that are properly controlled and regulated,” she said, also discussing the potential merits of blockchain, the technology behind bitcoin.

After the CEO of JPMorgan Chase caused a stir by calling bitcoin a ‘fraud’ last month, he says he’s not commenting any further.
Continue reading “Jamie Dimon says he’s not going to talk about bitcoin anymore”

Jamie Dimon says he’s not going to talk about bitcoin anymore

  • Jamie Dimon, chairman and CEO of JPMorgan Chase, said he is no longer going to discuss bitcoin after his comments last month that the digital currency was a “fraud” caused quite the stir on Wall Street and Silicon Valley.
  • But I’m not going to talk about bitcoin anymore,” said Dimon in response to a question during the bank’s third-quarter earnings call with media on Thursday.
  • “We are open-minded for digital currencies that are properly controlled and regulated,” she said, also discussing the potential merits of blockchain, the technology behind bitcoin.
  • Dimon told an investor conference last month that bitcoin was a fraud “worse than tulip bulbs.”
  • His comments ran contrary to many on Wall Street who have begun to embrace, or at least experiment, with bitcoin and the blockchain technology it utilizes.

After the CEO of JPMorgan Chase caused a stir by calling bitcoin a ‘fraud’ last month, he says he’s not commenting any further.
Continue reading “Jamie Dimon says he’s not going to talk about bitcoin anymore”

Jamie Dimon Should Do ‘Some Homework’ on Crypto, Says Blockchain Capital VC

Jamie Dimon should do ‘some homework’ on crypto, says Blockchain Capital VC

  • Bart Stephens is the co-founder and managing partner of Blockchain Capital, the oldest and most active venture capital firm dedicated to blockchain technology and the cryptocurrency ecosystem.
  • “We’re not betting on the price of Bitcoin, we’re betting on the adoption of blockchain technology,” Stephens says.
  • While Jamie Dimon was making those comments, I was an invited speaker at JP Morgan’s offices in San Francisco to give a talk with other fund managers and clients of JP Morgan who are really curious about cryptocurrencies and the underlying blockchain technology.
  • But I would note that for every negative Jamie Dimon, I could point you to two positive Wall Street CEOs like Lloyd Blankfein at Goldman Sachs and Abigail Johnson at Fidelity, who are making constructive comments on both cryptocurrency and the blockchain.
  • There’s a deafening silence coming from Sand Hill Road when it comes to blockchain technology, cryptocurrencies, and certainly ICO technologies.

Jamie Dimon Should Do ‘Some Homework’ on Crypto, Says Blockchain Capital VC
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Blockchain Capital founder: Jamie Dimon is a hypocrite about bitcoin

  • JPMorgan CEO Jamie Dimon has been publicly dismissive of bitcoin, calling it a “fraud” that will not survive.
  • “It’s just not a real thing, eventually it will be closed,” Dimon said at the Delivering Alpha conference in September presented by CNBC and Institutional Investor.

“It is not a Ponzi scheme. It’s a robust technology that is going to impact multiple industries,” says Bart Stephens, co-founder of Blockchain Capital.

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Blockchain Capital founder: Jamie Dimon is a hypocrite about bitcoin

  • JPMorgan CEO Jamie Dimon has been publicly dismissive of bitcoin, calling it a “fraud” that will not survive.
  • “It’s just not a real thing, eventually it will be closed,” Dimon said at the Delivering Alpha conference in September presented by CNBC and Institutional Investor.

“It is not a Ponzi scheme. It’s a robust technology that is going to impact multiple industries,” says Bart Stephens, co-founder of Blockchain Capital.

Continue reading “Blockchain Capital founder: Jamie Dimon is a hypocrite about bitcoin”

Don’t dismiss bankers’ predictions of a bitcoin bubble – they should know

  • Jamie Dimon, the chief executive of JP Morgan, said last week that the ascendancy of the virtual currency bitcoin – which has risen in price from just over $2 in 2011 to more than $4,000 at points this year – reminded him of tulip fever in 17th-century Holland.
  • Taking out a mortgage denominated in bitcoins is not advisable and, luckily for those stupid enough to try it, you won’t find a high street bank willing to underwrite it.
  • But some of the perceived flaws behind bitcoin that alarm Dimon – no central authority, a public ledger of transactions – point to the foundations of a new financial establishment.
  • Dimon, a modern high priest, faces a rival value system in bitcoin.
  • Households might cope with a move to 0.5%, but if a rate increase augurs a sustained move against cheap borrowing and persistent inflation, then a wider rethink of ambitions, from getting further up the housing ladder to buying a new car, will be needed.

The virtual currency’s success reflects the continuing lack of trust in traditional banking following the credit crunch
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