Picture of the Wallstreet street sign
In the crypto world, statements from the management boards of large banks are always received with interest. Finally, what the CEOs of Goldman Sachs, JPMorgan or other major banks have to say about Bitcoin is of major importance for the adoption of the crypto currency in the mainstream.
In a recent talk, JPMorgan CEO Jamie Dimon has again spoken on Bitcoin. What he has to say exactly, we will look at in the article.
Bitcoin and JPMorgan CEO Jamie Dimon
Let’s keep it short: JPMorgan CEO Dimon is still no friend of Bitcoin. In a recent speech at the New York Times‘ Dealbook Online Summit, Dimon said that BTC is still „not his cup of tea“.
He also stressed that the media should not make a big deal out of it. The JPMorgan CEO said that he was less interested in Bitcoin and more interested in „AML and KYC“.
Logically, the CEO of the major American bank is focusing on legal compliance and thus also on the issues of money laundering guidelines and the know-your-customer principle.
Since Bitcoin as a crypto-currency obviously does not know KYC or AML, BTC is not in Dimon’s focus. Instead, Dimon focused on the block chain technology as such, which in turn stands for a better user experience and enables cheaper transactions.
However, we must stress that there are of course some JPMorgan analysts and employees who are positive about Bitcoin.
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Dimon, Dalio and Buffet are among the most famous sceptics
Dimon thus belongs to the group of Wall Street sceptics who are neutral to negative towards Bitcoin. Other examples are hedge fund manager Ray Dalio and Warren Buffet.
Dalio is regularly quoted with statements that go in the following direction:
Bitcoin is not a good medium of exchange, as its volatility is too high It is also not a good store of value because of volatility. It does not protect the purchasing power of the buyer.
Dalios statements can definitely be doubted and/or criticised. Especially the two aspects of Store of Value and the alleged loss of purchasing power are controversial.
Bitcoin with support from WallStreet
Of course, there is also the opposite side to the sceptics mentioned above. Examples include billionaire Paul Tudor Jones, Twitter CEO Jack Dorsey and MicroStrategy CEO Michael Saylor.
Even Wall Street veterans and big names like Druckenmiller have recently started to take up the crypto currency and see Bitcoin as a valid alternative to gold.