XRP News: JPMorgan CEO Jamie Dimon Sounds Like He’s Talking About XRP• May 1, 2022 10:11 pm • Comments
Jamie Dimon, the CEO of JPMorgan, has been known to be a critic of the crypto industry despite the company changing its tune in recent years.
With that being said, Dimon has admitted though that there are some benefits of crypto that would be impossible to ignore that make it greatly more efficient than the traditional banking industry.
Specifically, Dimon stated that crypto made it easy for one to send money to a friend in a foreign country.
Using the traditional banking technology, it could take up to two weeks and a cost of $40.
On the other hand, he stated that using a digital currency to do this transaction would only take a few seconds to complete.
When this comment was made, the details of this use case seems to completely match what XRP was built for which is to provide a global payment network that could be used by financial institutions worldwide.
James Rule on Twitter shares comments on Jamie Dimon’s recent interview about how what Dimon was talking about matches the features of XRP completely.
— JamesRuleXRP💫HODL💫DYOR💫I Told You So🚀👊😎 127K (@RuleXRP) May 2, 2022
However, Dimon sees benefits in some aspects of crypto, such as its technology, admitting that the banking industry has its inefficiencies. The executive opined:
Not all of it is bad. If you said to me ‘I want to send $200 to a friend in a foreign country,’ that could take you two weeks and cost you $40.
You could do it through a digital currency and it’ll take you seconds.
“So, it’ll work out. I think it will be adopted over time by lots of players out there, including banks,” he concluded.
However, he did not specify whether he is referring to cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), or his own JPM Coin.
The comment has coincidentally been made during a time when Ripple’s website was updated.
In the updated website, Ripple clear states how XRP would be used for all cross-border transactions in its network that could be used by all enterprise financial institutions.
The details stress that the network would provide the ability to do low cost transactions that would be settled within a matter of seconds.
With JPMorgan being a major financial institution itself, its no surprise that what the bank is looking for within a digital currency matches the features of XRP completely.
"Not all of it is bad. If you said to me ‘I want to send $200 to a friend in a foreign country,’ that could take you two weeks and cost you $40. You could do it through a digital currency and it’ll take you seconds." https://t.co/HgYMXoeSkD
— Michael (@val5linx) May 1, 2022
“I always say I don’t particularly like it. I defend your right to do it. I’d say be very, very careful how much money you put into it.”
Dimon has long been a bitcoin and crypto skeptic.
In November last year, he warned people to be careful when investing in crypto citing that it has no intrinsic value.
In October, he said bitcoin was worthless and questioned its limited supply.
Meanwhile, he said in his April letter to shareholders that decentralized finance (defi) and blockchain are real.
In addition, JPMorgan is now offering a number of crypto investment products.
Whether JPMorgan will actually admit to its recent comments sounding like XRP is another story.
— CryptoNewsphilippines (@CNewsPH) May 1, 2022
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