Today, Jan. 9. the Chairman & CEO of JPMorgan Chase, Jamie Dimon, spoke pessimistically about the viability of decentralized cryptocurrency, predicting that all digital currencies will eventually be fiat, or government-controlled. Dimon made the comments today at the JPMorgan Health Care Conference in San Francisco.
Answering questions at the conference, Dimon focused on the implausibility that any cryptocurrency would ever reach mainstream adoption, predicting that global governments would not allow it.
Instead, Dimon asserted, the only digital currencies that will see mainstream adoption and use as currencies will be government-backed, or fiat, ones, such as a digital dollar.
At the conference, when asked how he sees the “shadow economy” of decentralized cryptocurrency playing out long term, Dimon pessimistically stated:
“It’s just not gonna happen, you’re wasting your time. This is my personal opinion. There will be no real non-controlled currency in the world. There’s no government that’s gonna put up with it for long.”
Dimon’s argument is that Blockchain technology will be used and developed, but that the decentralized nature of cryptocurrencies will not last, adding:
“The [Blockchain] technology will be used. It may be used to transport currency, but it will be US dollars. Virtual currency where it’s called a Bitcoin as opposed to a dollar [will be stopped].”
In September 2017 at a banking conference, Dimon called Bitcoin a “fraud” and said that he would fire any JPMorgan employee who traded Bitcoin on the company’s accounts, in part for being “stupid”.
Today Dimon told Fox Business in an exclusive interview that he regrets making the September comments, but is “not interested that much in the subject at all.”
In 2017, multiple governments around the world announced that they were considering implementing a national digital currency. Others, such as Venezuela, have already done so.