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Agreeing with Ray Dalio's hunting analogy, JPMorgan CEO remains firm after three years: Bitcoin is not for me

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Agreeing with Ray Dalio

Jamie Dimon, CEO of JPMorgan Chase, who heavily criticized Bitcoin in 2017, has once again defended his views. However, his attitude seems to have softened after acknowledging the potential of blockchain technology, as he simply stated, "Bitcoin is not my cup of tea."

Blockchain is a Revolutionary Technology

During a summit hosted by The New York Times, Jamie Dimon, the CEO of the largest U.S. financial institution, JPMorgan Chase, once again expressed his views on Bitcoin and blockchain technology. He mentioned that he is still not a fan of Bitcoin, but he acknowledged the importance of blockchain technology in enabling cost-effective fund transfers globally. Dimon stated:

Blockchain can allow users to transfer funds worldwide at a low cost, which is very important. JPMorgan Chase will always support blockchain technology. We have adopted blockchain and launched the USD stablecoin "JPM Coin." We believe in regulated cryptocurrencies with tangible asset support. Bitcoin, however, is a bit different; it's not my cup of tea.

It was reported earlier that "JPM Coin" was launched in February 2019. Similar to stablecoins, each JPM Coin is pegged to one U.S. dollar and can be exchanged for other fiat currencies. It is a digital currency based on blockchain technology that enables instant transfers, payments between institutional accounts, or bond transactions. Initially, it will be used for international payment settlements for large enterprises.

Ray Dalio's Hunt for Bitcoin

On November 7th, Ray Dalio, the founder of Bridgewater Associates, in an interview with Yahoo Finance, proposed the "hunt for Bitcoin" theory, suggesting that even if Bitcoin achieves a certain level of adoption, governments will use sanctions due to feeling threatened.

This action not only angered the crypto community, but also drew support for Bitcoin on Twitter from Binance CEO Zhao Changpeng and Twitter co-founder Jack Dorsey, who believed Dalio's views were incorrect.

https://twitter.com/cz_binance/status/1328000423492403200

Jamie Dimon shares a similar view to Dalio, believing that governments will eventually impose stricter regulations on Bitcoin, which will be unavoidable. However, he also acknowledges that many "very smart people" are buying Bitcoin, mainly because they believe its future performance will surpass that of gold, the U.S. dollar, and bonds, but he still emphasizes his lack of interest in it.

Although Dalio has been skeptical about Bitcoin before, after Bitcoin's market value hit a historic high on the 18th, Dalio admitted on Twitter that he may have misjudged Bitcoin and welcomed corrections from all sides.

In fact, Jamie Dimon's stance has softened over time. In September 2017, he stated, "Bitcoin is a fraud, worse than tulip bulbs," and in October of the same year, he emphasized, "If you're stupid enough to buy Bitcoin, you'll pay the price sooner or later," warning all JPMorgan traders that engaging in any Bitcoin trading would lead to immediate dismissal.