JP Morgan CEO Doesn’t Trust Cryptocurrency
Gaining a reputation for being a major opponent of the crypto industry, Jamie Dimon, the Chief Executive Officer of JP Morgan, has increasingly grown tired of responding to questions on the matter. During the Axios Conference held in Los Angeles, Dimon was questioned on the topic of Bitcoin, to which he responded that although he did not wish to retract his statements, he regretted voicing them publicly as he did not aim to become a known opponent of cryptocurrency.
The CEO aimed to clarify his statements which were released earlier this year when media reports claimed he regretted criticizing the digital asset once blockchain developments started showing more promise. According to his initial statements, Dimon noted that although financial institutions do have a future that coincides with blockchain technology, he personally does not fully trust cryptocurrencies. During his initial statements, Dimon explained that each ICO and token must be assessed individually and are not to be trusted en mass.
An Institutional Shift Towards Cryptos
Even though many financial entities and banks have been skeptical towards cryptocurrencies such as bitcoin, a general trend towards institutional investing in the crypto industry has been on the rise. A major migration has seen executives from major banks such as JP Morgan shift to try to take advantage of opportunities within the blockchain industry.
According to recent reports by CryptoGlobe, Blythe Masters, an executive previously associated with JP Morgan stated he believes blockchain will quickly be used in mainstream markets. He left his post at the major Wall Street bank to become a Digital Asset Holding chief executive for a business that facilitates incorporating blockchain technology into existing financial companies.