Just recently, Chief Executive Officer of JP Morgan Chase, Jamie Dimon, was quoted saying that Bitcoin is a “fraud”, and if he caught any JP Morgan trader speculating in the cryptocurrency market, he’d “…fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”
The cryptocurrency “wont end well,” he told investors in a conference in New York City. He then went on to label Bitcoin’s current state as purely speculative, saying that its in a bubble that may continue to grow, but will eventually pop.
One the other hand, while Dimon continues to remain pessimistic on Bitcoin, he has admitted reasons for the potential use-case behind blockchain technology.
However, not all Wall Street bank chiefs are bearish on Bitcoin.
Morgan Stanley’s CEO, James Gorman, for example, takes a more measured and holistic approach on the cryptocurrency.
At an event held by the Wall Street Journal last Wednesday, Gorman was quoted saying that Bitcoin is “more than just a fad,” and that “The concept of anonymous currency is a very interesting concept — interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.”
The cryptocurrency’s price has soard in recent months, showing a true sign that Bitcoin’s previously speculative nature may be dwindling down. Financial Institutions and FinTech corporations everywhere have slowly been coming to the realization of blockchain technology’s potential, and have clearly began to veer towards a more optimistic outlook. However, Bitcoin’s price has surged almost 4-fold this year — a run that continues to draw debate on whether that’s a bubble.
At the event, Gorman continued by mentioning that he has not yet invested in Bitcoin, but hes “…talked to a lot of people who have. It’s obviously highly speculative but it’s not something that’s inherently bad. It’s a natural consequence of the whole blockchain technology.”
Conclusion:
Therefore, it is clear to see that many financial executives are beginning to warm up to Bitcoin and the potential use-ability its underlying technology offers.
With that being said, how do you think blockchain technology will change the current state of the financial industry?
Along with that, what do you think of Bitcoin’s current market position? Are you bullish or bearish?
Leave a comment down below!
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