Bitcoin, Crypto currency, Blockchain

Stress for no reason: How JPMorgan CEO Jamie Dimon on the credibility of his Bank cuts

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This week, there was a long-time crypto-sceptical statements of JPMorgan CEO Jamie Dimon, one of the most well-known Bitcoin opponents. In the past, Jamie Dimon had shot, together with other sizes from the financial sector, against Bitcoin. In the last few months, however, it is, in spite of a weak crypto market, or perhaps because of this, a quiet criticism of crypto become in terms of currencies. Even if, in the meantime, all of the larger authorities, corporations, and financial Directors to deal seriously with Bitcoin, does not keep run the Dimon from crude arguments against Bitcoin. However, it should not pull about Jamie Dimon as a Person to the Ridiculous, but rather, the significance in the context of the business activities of its Bank.

In spite of the still conservative credo in the banking sector “Blockchain hui, Bitcoin phooey” has done, in the meantime, however, a lot of work in crypto-openness. The fact that more and more banks actively involve the crypto-currency business in your services, is the Bitcoin criticism in the conservative banking on the retreat. The more Jamie Dimon coincides with his statements on Bitcoin. So he protested to the Gala Celebration of the Aspen Institute that he stick to his statement that Bitcoin is a Scam (fraud). In addition, he added that crypto-currencies should be banned by the government. A statement that would not even give most of the Bitcoin opponents. Even this is aware of how ridiculous a ban on Bitcoin.

With the head through the wall

To put this in perspective, rather than his statements, to put Dimon in the beginning of this week in the Harvard Business Review and expressed that crypto-currencies are not the same as Gold or Fiat currencies, since they are lawmakers, police, or courts are supported – without this statement further differentiate or classify. So Dimon suggests that in his world, assets only exist if they are fully regulated. This simple view of the world and division is continued ad absurdum, by providing a positive contribution to the Blockchain, in contrast to crypto-currencies. It is said in the Interview that the Blockchain, in contrast to crypto-currencies in real terms .

The Blockchain, unlike Bitcoin real , is probably the misleading leading statement, Jamie Dimon, as yet, has taken. Especially since he doesn’t really explains what for him is real and what is not. In a philosophy seminar at the University of these Statements may be defensible. Of the head of the largest investment Bank such Statements, however, are just embarrassing.

Of course, it is legitimate to criticise individual aspects of the crypto-Economy. However, such statements are evidence of simple ignorance, and reinforce the allegation that the ivory of some of the Old-Economy, institutions, towers are not willing to embrace change.

What that means for the crypto-adaptation at JPMorgan?

Certainly not all employees will share in the case of JPMorgan and the opinion of your boss. But this does not change the fact that Jamie Dimon pretends to be the sound. By this restrictive attitude, a climate of uncertainty is generated, the employees of which discourages innovative solutions to crypto to develop services.

The rejection of the crypto-Assets is in massive contradiction with the inherent Motivation of an investment Bank. Finally, the basic logic of investment banks in contrast to savings banks, or national banks to provide investment opportunities for their clients. It is, therefore, not to grant small and medium-sized enterprises loans, but about everything that can be represented by derivatives, or financial contracts, also to map. Now, crypto-currencies, also for speculation and investment, foreign, unusual. Especially of the large neighbouring Goldman Sachs has openly communicates, to work on crypto services and the existing customer demand in a timely manner.

The Message

The message that Jamie Dimon sends to its Bank customers, from a communication point of view, anything other than smart. Thus, in the customers: Although we have all customer needs with a view to financial products operate, we will make the new asset class of the crypto currencies, without valid reasons, to ignore. In other words: If you still want to invest in crypto-Assets, go to our competition, which will take care of your demand.

The communications Department of JPMorgan in the future, will have much to do to let JPMorgan, not as an innovation-hostile investment Bank stand. Nevertheless, you must be Jamie Dimon, that he is to quite correct conclusions. So he added in the run-up to his crude Comments in the Harvard Business Review: “I should probably no more about crypto-currencies.” He would have just stuck with it.

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