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JPMorgan Chase CEO Jamie Dimon has previously called Bitcoin a fraud, but now he says he regrets making that statement. In an interview with Fox Business on Wednesday, Dimon was asked if he would have anything to say to his past self in 2017 when he called Bitcoin a fraud and said if you’re stupid enough to buy it, you’ll pay the price one day. According to Bloomberg, Dimon responded by saying: I wouldn’t say something like that, but I do regret having said it ... The blockchain is real.
What are cryptocurrencies?
Crypto, or cryptocurrency, is digital money that is used as an alternative to traditional paper currencies like the US dollar. The currency can be transferred between peers in an online LEDGER called a blockchain. There are many different types of crypto-currencies and they can take many forms. For example, Bitcoin was created in 2009 as the world's first decentralized currency, meaning it isn't controlled by any country or bank.
What is JPM Coin?
JPM Coin is JPMorgan's own cryptocurrency which aims to provide faster and more secure transactions. The bank has been investing in the crypto space since 2014, but with JPM Coin they are now entering the market and competing with other cryptocurrencies like Bitcoin.
JPM Coin Benefits
JPM Coin is the first digital coin, which is backed by real-world money. The token will be used within JPMorgan's payment system and will allow international transfers at a significantly lower cost than traditional payment methods. JPM Coin can also reduce the risks of fraud and money laundering.
JPM Coin benefits the bank
One of the benefits of creating JPM Coin is that it will give access to institutional investors who are currently restricted by the regulatory environment. This will help boost liquidity in cryptocurrency markets and provide new opportunities to invest.
How will this impact the payments industry?
Cryptocurrencies are emerging as serious contenders to the established players in the payments industry, but it will take time before they can challenge the supremacy of Visa and Mastercard. JPMorgan is one of the most powerful banks in the world, so its support for cryptocurrencies is huge. It will be interesting to see if other major banks follow suit.
How can customers benefit from this technology?
Cryptocurrency is currently in a lucky period. JPMorgan Chase CEO Jamie Dimon, who has been outspoken about his skepticism of Bitcoin, recently changed his tune and said that now is the time to invest in cryptocurrencies. He also noted that he regrets calling Bitcoin a fraud. This has generated speculation that the future of cryptos might be on the upswing.
