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JPMorgan Chase CEO Jamie Dimon has long been critical of Bitcoin, stating as early as 2014 that "BTC is a terrible store of value." In 2017, he even declared that any employee found trading Bitcoin would be fired. During a recent hearing before the U.S. Senate Banking Committee this month, he vehemently criticized cryptocurrencies again, expressing strong opposition and claiming that the only real use of cryptocurrencies is for money laundering and tax evasion. He suggested that if he were in charge, he would ban cryptocurrencies.
Despite Dimon's negative stance on Bitcoin, reports from internal sources within JPMorgan Chase, cited by DLNews on the 13th, indicate that Dimon actually has a strong interest in blockchain technology and is particularly intrigued by decentralized finance (DeFi). This appears to be a significant contrast to his publicly expressed views.
On the other hand, JPMorgan Chase's blockchain division, Onyx, has experienced rapid growth, with the current number of employees reaching 300, compared to just 100 three years ago. Umar Farooq, the head of the Onyx division, has explained JPMorgan Chase's adoption of blockchain technology by stating that while rational people may have disagreements in understanding the value of Bitcoin, it does not mean they will fundamentally ignore the underlying technology (blockchain). Dimon also believes in this potential, stating that blockchain technology can bring about significant disruption, and they have to be at the forefront of this revolution.
In response to Dimon's dual behavior of criticizing Bitcoin while embracing blockchain, cryptocurrency and macroeconomics analyst Noelle Acheson provided an analysis, stating that for many individuals within the traditional financial system, it is challenging to simultaneously perceive Bitcoin as both an asset and a technology.
JPM Coin, introduced by JPMorgan Chase in 2020 as a B2B digital token pegged 1:1 to the U.S. dollar, has seen its daily trading volume surpass $1 billion. The bank plans to continue expanding the use of JPM Coin, extending from B2B to the consumer sector.
Furthermore, JPMorgan Chase has been involved in Web3 businesses since 2017. Umar Farooq, the Global Head of Payments at JPMorgan Chase, mentioned on October 26 that they intend to further increase JPM Coin's daily transaction volume, expecting it to grow at least 5-10 times within the next one to two years, reaching $10 billion.
The Onyx division at JPMorgan Chase is structured around four core business areas, with JPM Coin being the first product in the token system business. Additionally, the bank's digital asset services leverage blockchain technology to handle, record, and complete the settlement and delivery of various digital assets. |
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Post time 21-12-2023 21:43:11