Jamie Dimon sure has been properly baptized as of late, hasn’t he? Baptized in the religion of crypto. Just two plus years ago Jamie was an avowed ‘no-coiner’ with knives out for Bitcoin and it’s siblings.
Earlier today he described a pathway where JP Morgan coin could be used at the consumer level.
“JP Morgan Coin could be internal, could be commercial, it could one day be consumer,” Dimon, 62, said during a question-and-answer session.”
“Earlier in February, J.P. Morgan became the first major U.S. bank to create its own cryptocurrency with the launch of “JPM Coin.” The digital token was designed to settle transactions between clients of its wholesale payments business, specifically for international payments and securities transactions that migrate to the blockchain.”
What a reversal. And what might that reversal mean? You can place your bets that JP Morgan has come up with a way to make the use of their native coin somehow profitable either directly or indirectly. Either way, it sheds light on the thinking of one of the largest banks in the world and where it’s CEO sees finance going.
And if JP Morgan and Dimon have moved this far, this quickly – how long before we see a Fidelity coin? Asking for a friend.