JPMorgan's Contradiction: Negative Views on Crypto, Yet Embracing Blockchain Technology
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The CEO of JPMorgan has been known to express negative views on cryptocurrencies, referring to them as a 'hyped-up fraud', a 'waste of time', and even a 'pet rock'. However, it is interesting to note that JPMorgan has made its own foray into the world of blockchain technology with the launch of their network and JPM Coin. This coin, although resembling a cryptocurrency, operates on a private and centralized blockchain.
JPMorgan's division known as Onyx was responsible for developing JPM Coin, which serves as a token used for settling and clearing transactions between the bank's customers. Recently, the JPM Coin has even been made available for euro transactions. It is worth mentioning that even the CEO of JPMorgan himself has acknowledged the advantages of blockchain tokens over traditional systems, such as their speed, convenience, and the ability to operate 24/7.
Considering these developments, it becomes apparent that JPMorgan's reservations about cryptocurrencies do not stem from the concept itself, but rather from the desire to maintain control and power over the coins and tokens in question. By creating their own private and centralized blockchain, they are able to exert authority and influence over the transactions conducted within their network.
In conclusion, JPMorgan's CEO's negative statements about cryptocurrencies seem contradictory in light of the bank's active involvement in blockchain technology and the launch of their own JPM Coin. This suggests that their concerns lie not with the concept of crypto, but rather with the level of control they can exert over these digital assets.
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