JP Morgan’s Jamie Dimon: Bitcoin Will “Try to Eat Our Lunch”

By Inside Bitcoins Oct 10, 2014 5:52 PM EDT

NEW YORK (InsideBitcoins) — When the topic of bitcoin was raised before the Institute of International Finance (IIF) annual membership meeting in Washington, D.C. today, the world’s banking leaders bristled.

Bitcoin developers “are going to try and eat our lunch,” Jamie Dimon, chairman and CEO of JPMorgan Chase said, as reported by Institutional Investor. “And that’s fine. That’s called competition, and we’ll be competing.”

Chris Larsen, CEO of Ripple Labs and Barry Silbert, founder of Second Market and CEO of the Bitcoin Investment Trust, are among the bitcoin stalwarts representing the cryptocurrency at the gathering of the heads of global finance.

Larsen made the case for the capability of digital currencies to solve the issues of the time and expense of moving value as a cost-efficient “global wire.”

“I agree with real-time digitization,” Dimon agreed. But that was all of the ground he was willing to give. “The issue I have with Bitcoin is that it’s not about the technology, it’s about governments. When people form nations, one of the first things they do is form a currency. Are regulators and governments really going to foster Bitcoin over a long period of time? I think the answer is no.”

James Gorman, CEO of Morgan Stanley, agreed.

“You have to be respectful in the face of new technologies like Bitcoin, but you don’t capitulate,” he said. “You adjust and take advantage. Consumers feel better putting their money with a brand they recognize. We have capabilities and resources that are very powerful.”

Photo Credit: Yoni Assia via Twitter @yoniassia

  • HLTGRP

    “Give it time to breaaaathe” – Andreas Antonopoulos to the Canadian Senate.

  • Chris BlockZombie

    I’m stuck on one word in that Dimon quote. What does “foster” really mean in this context?

  • allseeinguy

    Bent Crooked Dinosaurs the lot of em. The sooner these lot are extinct the better. I remember when so called ‘experts’ said the internet would never take off.. come to think of it, didn’t Henry Ford have to listen to the same bull**** doubters? (and the list goes on…) Seriously, people need to wake up to new tech. Blockchains are an INVENTION, not just a better technology. Give it time.. Give it time..

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