Jamie Dimon, CEO of JPMorgan, is a major crypto skeptic. While his firm offers crypto trading services, it hasn’t changed his views on the same. But recently, Jamie said, ‘Not all of it is bad.’ Let’s see what positive light the CEO has finally found in the crypto industry.
Jamie Dimon on crypto
In an interview with KMTC 3 News, Jamie gave his comment on cryptocurrency and Bitcoin. He said that he doesn’t like it particularly but will defend your right to do it. Jamie did warn investors to stay cautious of how much money they invest in it. After this, he also pointed out some of the benefits of crypto.
First is the transfer of money to foreign countries. He gave an example saying that if he wanted to spend $200 in a different country, it would take him 2 weeks and maybe $40 in charges, but with the digital currency, it would be a matter of seconds. This is a huge deal, and a lot of countries are already using crypto for cross-border remittances. Jamie also says that it will work out, and banks will adopt it with time.
A case for Bitcoin
In November, Jamie Dimon said that Bitcoin has no intrinsic value. We have also heard Warren Buffet and Charlie Munger say similar things because, according to them, Bitcoin doesn’t produce anything. By their logic, a company that doesn’t produce goods will have zero value. But if you see, there are a lot of companies that act as aggregators and provide services like Amazon, Flipkart, Zomato, Swiggy, and many more. These companies do not necessarily produce anything but connect buyers will sellers, which is valuable to the users.
So, for Bitcoin, we can make the case that it is a store of value and allows transactions at low costs anywhere around the world with its lightning network. Therefore, it does have intrinsic value because people use it for a certain something.
The idea of skeptics saying that Bitcoin doesn’t have intrinsic value seems flawed to me. What do you think about the same? And does crypto skeptic Jamie Dimon seem to be coming around? Let us know in the comment below. Also, if you found our content informative, do like and share it with your friends.