JPMorgan CEO’s Bitcoin Criticism Contrasts With Blockchain Department’s Billion-Dollar Daily Trades and 300% Staff Growth
JPMorgan’s Ambivalent Stance: CEO Scorns Bitcoin, Yet Blockchain Flourishes
While JPMorgan Chase CEO Jamie Dimon has consistently expressed his disdain for Bitcoin, calling it “a poor store of value” as early as 2014 and threatening to fire employees trading Bitcoin in 2017, the bank’s blockchain department tells a different story. Despite Dimon’s public skepticism, JPMorgan has been managing billions of dollars in reserves for Tether and is deeply involved in blockchain technology.
Further reading：Wall Street Advisors Eager for Bitcoin Spot ETF: 80% Expect Launch, Half Hold BTC!
JPMorgan’s Blockchain Department Expands Rapidly
According to a DLNews report citing internal sources, JPMorgan’s blockchain division, Onyx, has grown its staff to 300 people, up from just 100 three years ago. Onyx’s head, Umar Farooq, has explained JPMorgan’s adoption of blockchain technology:
“While there may be disagreements on Bitcoin’s value, we cannot fundamentally ignore the underlying technology (blockchain).”
Dimon himself believes in the disruptive potential of blockchain technology, stating the importance of being at the forefront of this revolution.
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Crypto-economist Noelle Acheson analyzed Dimon’s dual behavior of attacking Bitcoin while embracing blockchain, suggesting a common difficulty among traditional finance professionals in reconciling Bitcoin as both an asset and a technology.
JPM Coin Hits $1 Billion in Daily Trades
JPMorgan has been laying the groundwork for Web3 business since 2017, launching the B2B digital token JPM Coin in 2020. Pegged 1:1 to the U.S. dollar, JPM Coin aims to facilitate instant settlement of payments and solve traditional cross-border payment barriers for institutional clients.
In October 2022, Takis Georgakopoulos, head of global payments at JPMorgan, revealed that JPM Coin’s daily trading volume had reached $1 billion. The bank plans to expand the use of JPM Coin beyond B2B to consumer sectors.
Further reading：Bitcoin Skyrockets Thanks to Big Players: The JPM Coin Phenomenon!
Moreover, Umar Farooq, the global head of payments for financial institutions at JPMorgan, predicted at the Singapore Fintech Festival that JPM Coin’s daily trade volume could increase five to tenfold in the next one to two years, potentially reaching $10 billion.
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JPMorgan’s Blockchain Structure
JPMorgan’s blockchain division Onyx encompasses four core business areas. The token system’s first product is JPM Coin. Additionally, the bank’s Digital Assets services leverage blockchain technology to handle, record, and complete the clearing and settlement of various digital assets.
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Keywords: JPMorgan Chase, Jamie Dimon, Bitcoin, Blockchain Technology, Tether, Onyx, JPM Coin, Digital Token, Web3, Cryptocurrency, Noelle Acheson, Takis Georgakopoulos, Umar Farooq, Global Payments, Financial Institutions, Digital Assets, U.S. Treasury Reserves, B2B Digital Token, Cross-Border Payments
