JPMorgan Looks Into Crypto Months After Their CEO Called Bitcoin ‘Stupid’ and ‘Dangerous’

Back in September of 2017, JPMorgan’s CEO Jamie Dimon called Bitcoin “stupid” and “dangerous.” Dimon also said if he caught anyone buying or selling Bitcoin he would “fire them in a second.” His words carry heavy weight as one of the most prominent voices in the global finance world.

However, it appears his opinion changed. JPMorgan is looking into the use of cryptocurrencies despite their purported threat to the bank’s current business model.

Oliver Harris, Head of Crypto-Assets Strategy & Quorum at JPMorgan

Oliver Harris was the bank’s former head of developing new financial technologies – now, he is looking into the risks and rewards associated with digital assets and blockchain technology as Bitcoin moves towards mainstream adoption.

The move may be related to JPMorgan’s competitor Goldman Sachs’ decision to hire  Justin Schmidt, a trader specializing in exchanging cryptocurrencies. However, JPMorgan’s decision to look into blockchain assets is surprising, especially considering Dimon’s harsh remarks towards Bitcoin only nine months ago.

In January of 2018, Dimon recanted his prior statements when he told Fox he is open-minded with regards to blockchain assets:

“The Bitcoin to me was always what the governments are gonna feel about Bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all. The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO’s you have to look at individually.”

In addition to researching cryptocurrency assets for the banking giant, Harris will also be leading Quorum, the bank’s in-house blockchain project. According to a report from Reuters’ Anna Irrera, JPMorgan is considering turning Quorum into an independent company.

Bitcoin has been growing at a rate of 165% per year for the past six years, according to Pantera Capital’s CEO Dan Morehead. Cryptocurrencies are becoming a hot commodity, and institutions such as JPMorgan and Goldman Sachs’ are finally looking for ways to get in on the action.

Related Story: Blockchain and Cryptocurrency in the Year 2020

The CME and CBOE recently launched Bitcoin futures trading platforms– now, Goldman Sachs and JPMorgan are investigating cryptocurrencies as well. The acknowledgment of large banks and corporations toward the vast potential of blockchain technology is significant because it will increase awareness of the crypto scene.

Cover Photo by Ishan Gupta on Unsplash

Posted In: Adoption

Like what you see? Subscribe to CryptoSlate

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

Sign up to stay informed
Jacob Tuwiner

Jacob is an avid computer enthusiast interested in the crypto space and PC gaming hardware. When he's not working on his site or writing articles you can usually find him in the outdoors with his buddies biking, hiking, and hopefully staying out of trouble. He aspires to help the average Joe learn more about computers.

View author profile

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.