Alex Coin 
The banking giant could be directing some of its massive USD $12 billion investment in technology to Blockchain and DeFi-related developments.
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The chief executive officer of the investment bank JPMorgan Jamie Dimon acknowledged that blockchain technology and decentralized finance (DeFi) can be of great use.
Dimon, who has long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. been a skeptic of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and cryptocurrencies for a long time, modestly praised the distributed technology in a letter to shareholders. The news outlet Forbes collected excerpts from the letter.
“ Las decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance and Blockchain are real and new technologies that can be deployed both publicly and privately. whether or not they are permitted “commented the executive, highlighting some of the benefits of adopting this technology.
We believe there are many uses where a blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. can replace or enhance contracts, data ownership and other functionality; however, for some purposes.
JPMorgan invierte and Blockchain
The president of one of the largest financial institutions in the United States shared his views shortly after an earnings call from JPMorgan en la que el bank announced plans to increase its annual technology budget to USD $12 billion 26% more than what it spent in 2020, according to TearSheet .
Dimon’s letter came in response to shareholder requests for more concrete plans to invest investing is when you put money in a financial scheme with the intent of making a gain. those resources. While the CEO did not provide detailed information about the areas of investment, he did preview some of the places where this money might go. He said it will be invested primarily in solutions for the maintenance, optimization and innovation of the bank.
Some of these [technology] investments simply have to be made to maintain the health of the company. Investments in this bucket help keep the boat in top shape and address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. a wide range of needs.
Dimon mentioned a number of technologies such as artificial intelligence (AI), cloud-based systems, blockchain and decentralized finance, hinting at some of the investment areas of JPMorgan for its huge budget this year.
“ We use a Blockchain network a network refers to all nodes in the operation of a blockchain at any given moment in time. called Liink so that banks can share complex information, and we also use a Blockchain to move tokenized dollar deposits with JPM Coin. “, the president said of blockchain, a sector on which he assured the bank remains “ a la vanguardia ” .
However, he was also careful to temper his praise by adding that, for some purposes, the technology Blockchain es “currently too costly or too slow to implement”. “.
Dimon is a Bitcoin Skeptic
This is not the first time Dimon has spoken well of the technology underlying digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies. Two years ago, he anticipated that Blockchain would have a key role for the future of finance and assured that the bank would always support this innovation.
“Blockchain itself will be instrumental in helping people move money around the world more economically… We will always support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. blockchain technology.” said during a conference held at the end of 2020, which was organized by the New York Times. However, and despite this favourable stance, he has remained critical of Bitcoin.
“It’s not my cup of tea “commented the CEO of JPMorgan at the time. More recently, reiterated his disinterest and assured boldly that “ Bitcoin is worthless ” when the price of the asset challenged USD $56,000. He also questioned the limited supply of the flagship cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. during a December event last year.
- JPMorgan Bank opens a lounge in the metaverse a metaverse is a digital universe that contains all the aspects of the real world, such as real-time interactions and economies. It offers a unique experience to end-users.
- JPMorgan bank CEO Jamie Dimon calls on regulators to act on cryptocurrencies
- JPMorgan Bank estimates the current “fair value” of Bitcoin at USD $38,000 and in the future at USD $150,000.
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash
