JPMorgan CEO Jamie Dimon defended investors’ rights to invest in cryptocurrencies praising their benefits over traditional banks.
“Not all of it’s bad, but if you said to me, I want to send $200 to a friend in a foreign country. That could take you four weeks and cost you $40. You could do it through a digital currency, and it’ll take you seconds,” he said during an interview in Omaha, where he joined Warren Buffett in the Berkshire Hathaway annual meeting with shareholders, that was finally celebrated after two years of virtual meetings.
An open crypto-skeptic in the past and still not very fond to them, now Dimon said investors need to be “very, very careful how much money you put into it”, since there will see a broader adoption in the coming years, which includes banks.
After creating the JPM Coin to move tokenized dollars and facilitate cross-border payments JP Morgan came short in their plans to get a share of massive digital currency market. According to media reports, last August the bank started offering its wealth management clients access to six cryptocurrency investment funds.
Dimon’s remarks contrast with Warren Buffett’s after the billionaire said he wouldn’t buy all the crypto in the world for $25.