{"id":53553,"date":"2018-05-18T19:55:48","date_gmt":"2018-05-19T02:55:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=53553"},"modified":"2019-05-14T04:19:55","modified_gmt":"2019-05-14T11:19:55","slug":"jpmorgan-looks-into-crypto-months-after-their-ceo-called-bitcoin-stupid-and-dangerous","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/jpmorgan-looks-into-crypto-months-after-their-ceo-called-bitcoin-stupid-and-dangerous\/","title":{"rendered":"JPMorgan Looks Into Crypto Months After Their CEO Called Bitcoin &#8216;Stupid&#8217; and &#8216;Dangerous&#8217;"},"content":{"rendered":"<p>Back in September of 2017, JPMorgan's CEO Jamie Dimon <a href=\"https:\/\/www.fnlondon.com\/articles\/jamie-dimon-i-would-fire-traders-if-they-bought-bitcoin-20170913?mod=article_inline\">called Bitcoin<\/a> &#8220;stupid&#8221; and &#8220;dangerous.&#8221; Dimon also said if he caught anyone buying or selling Bitcoin he would &#8220;fire them in a second.&#8221; His words carry heavy weight as one of the most prominent voices in the global finance world.<\/p>\n<p>However, it appears his opinion changed. <a href=\"https:\/\/www.fnlondon.com\/articles\/jpmorgan-crypto-strategy-20180517\">JPMorgan<\/a> is looking into the use of cryptocurrencies despite their purported threat to the bank's current business model.<\/p>\n<figure id=\"attachment_53560\" aria-describedby=\"caption-attachment-53560\" style=\"width: 300px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-53560 size-medium\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/harris-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/harris-300x200.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/harris-768x512.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/harris-1024x682.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/harris.jpg 1280w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-53560\" class=\"wp-caption-text\">Oliver Harris,\u00a0Head of Crypto-Assets Strategy & Quorum at JPMorgan<\/figcaption><\/figure>\n<p>Oliver Harris was the bank's former head of developing new financial technologies \u2013 now, he is looking into the risks and rewards associated with digital assets and blockchain technology as Bitcoin moves towards mainstream adoption.<\/p>\n<p>The move may be related to JPMorgan's competitor Goldman Sachs' decision to hire\u00a0 Justin Schmidt, a trader specializing in exchanging cryptocurrencies. However, JPMorgan's\u00a0decision to look into blockchain assets is surprising, especially considering Dimon's harsh remarks towards Bitcoin only nine months ago.<\/p>\n<p>In January of\u00a02018, Dimon recanted his prior statements when he <a href=\"https:\/\/www.fnlondon.com\/articles\/dimon-softens-tone-on-bitcoin-20180109?mod=article_inline\">told Fox<\/a> he is open-minded with regards to blockchain assets:<\/p>\n<blockquote><p>&#8220;The Bitcoin to me was always what the governments are gonna feel about Bitcoin as it gets really big, and I just have a different opinion than other people. I\u2019m not interested that much in the subject at all. The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO\u2019s you have to look at individually.&#8221;<\/p><\/blockquote>\n<p>In addition to researching cryptocurrency assets for the banking giant, Harris will also be leading Quorum, the bank's in-house blockchain project. According to a <a href=\"https:\/\/uk.reuters.com\/article\/us-blockchain-jpmorgan\/jpmorgan-mulls-spin-off-of-blockchain-project-quorum-sources-idUKKBN1GY36O?mod=article_inline\">report<\/a> from Reuters' Anna Irrera, JPMorgan is considering turning Quorum into an independent company.<\/p>\n<p>Bitcoin has been growing at a rate of 165% per year for the past six years, according to Pantera Capital's CEO <a href=\"https:\/\/cryptoslate.com\/people\/dan-morehead\/\">Dan Morehead<\/a>. Cryptocurrencies are becoming a hot commodity, and institutions such as JPMorgan and Goldman Sachs' are finally looking for ways to get in on the action.<\/p>\n<figure id=\"attachment_53573\" aria-describedby=\"caption-attachment-53573\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-53573 size-medium\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/2020-social-300x158.jpg\" alt=\"\" width=\"300\" height=\"158\" \/><figcaption id=\"caption-attachment-53573\" class=\"wp-caption-text\">Related Story:\u00a0<a href=\"https:\/\/cryptoslate.com\/blockchain-and-cryptocurrency-in-the-year-2020\/\">Blockchain and Cryptocurrency in the Year 2020<\/a><\/figcaption><\/figure>\n<p>The CME and CBOE recently launched Bitcoin futures trading platforms\u2013 now, Goldman Sachs and JPMorgan are investigating cryptocurrencies as well. The acknowledgment of large banks and corporations toward the vast potential of blockchain technology is significant because it will increase awareness of the crypto scene.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Back in September of 2017, JPMorgan&#8217;s CEO Jamie Dimon called Bitcoin &#8220;stupid&#8221; and &#8220;dangerous.&#8221; Dimon also said if he caught anyone buying or selling Bitcoin he would &#8220;fire them in a second.&#8221; His words carry heavy weight as one of the most prominent voices in the global finance world. However, it appears his opinion changed. [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>JPMorgan Looks Into Crypto Months After Their CEO Called Bitcoin &#039;Stupid&#039; and &#039;Dangerous&#039;<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/jpmorgan-looks-into-crypto-months-after-their-ceo-called-bitcoin-stupid-and-dangerous\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan Looks Into Crypto Months After Their CEO Called Bitcoin &#039;Stupid&#039; and &#039;Dangerous&#039;\" \/>\n<meta property=\"og:description\" content=\"Back in September of 2017, JPMorgan&#039;s CEO Jamie Dimon called Bitcoin &#8220;stupid&#8221; and &#8220;dangerous.&#8221; Dimon also said if he caught anyone buying or selling Bitcoin he would &#8220;fire them in a second.&#8221; His words carry heavy weight as one of the most prominent voices in the global finance world. However, it appears his opinion changed. [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/jpmorgan-looks-into-crypto-months-after-their-ceo-called-bitcoin-stupid-and-dangerous\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-19T02:55:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-14T11:19:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/11\/cryptoslate-cover.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jacob Tuwiner\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"JPMorgan Looks Into Crypto Months After Their CEO Called Bitcoin &#039;Stupid&#039; and &#039;Dangerous&#039;\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/jpmorgan-social.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jacob Tuwiner\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/jpmorgan-looks-into-crypto-months-after-their-ceo-called-bitcoin-stupid-and-dangerous\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/jpmorgan-looks-into-crypto-months-after-their-ceo-called-bitcoin-stupid-and-dangerous\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-tuwiner\/#person\",\"name\":\"Jacob Tuwiner\",\"url\":\"https:\/\/cryptoslate.com\/author\/jacob-tuwiner\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-tuwiner\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-tuwiner\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/author-jacob-tuwiner.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/01\/author-jacob-tuwiner.jpg\",\"caption\":\"Jacob Tuwiner\"},\"description\":\"Jacob is an avid computer enthusiast interested in the crypto space and PC gaming hardware. 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