Jamie Dimon, President and chairman of JP Morgan Chase bank says that their bank will be able to learn a lot from the disarrayed payment system like that of Bitcoin. Dimon, although was initially apprehensive of this digital currency, later sent a letter to all the shareholders of JP Morgan stating that there is big future and business opportunity in payments. He further adds that there are many areas that require improvement like encryption techniques, real time processing of payments and reduced costs of transactions which can be learnt from existing portals like PayPal.
The JP Chase CEO has expressed interest in the potential of this business and believes that with their ethos they will be able to beat the competition, sooner or later. He said that it is important for them to accept their flaws and analyze all the competitors down to the details so that they can stay informed and on top of their game by building relevant business strategies.
CEO Lashed at Bitcoin in the Past
While Dimon was addressing the Institute of International Finance’s annual conference in 2013 as a speaker, he expressed his discomfort regarding the disturbing potential that Bitcoin had, as soon as it was launched in the market. According to him, it is ok if a company wants to compete in the business ecosystem as JP Morgan Chase will compete back. He also lashed at Bitcoin as being of terrible value as it can be easily replicated, revealed CNBC reporter Andrew Ross Sorkin in an interview with the CEO.
Bitcoin will be a sore spot for regulatory authorities
He also expressed his cynicism by saying that the digital currency will be brutally scrutinized by the regulatory bodies. In his statement, he said that since Bitcoin does not have government support and has so far been infamously used for all the wrong reasons, they will face a lot of pressure from the government bodies for not being able to review their clients the way an actual bank does.
Despite this on record apprehension of JP Morgan Chase’s CEO, many of its old employees have been making a switch from traditional banking systems into the new space of Bitcoin startups. This has led to the conventional financial institutions to pay a lot of close attention to the way Bitcoin operates and its potential in the coming years.