- JPMorgan’s CEO has long been critical of leading cryptocurrencies. In the past, he compared Bitcoin (BTC) to terms such as ‘Ponzi scheme’ and ‘exaggerated fraud.’
- Around JPMorgan, there are developments indicating increased involvement with blockchain technology, even if the bank does not directly invest in crypto assets.
- According to reports, JPMorgan’s blockchain unit, Onyx, now has 300 employees, a significant increase from the mere 100 three years ago.
Despite JPMorgan Chase’s CEO Jamie Dimon’s harsh criticism of Bitcoin, the bank is rapidly expanding its crypto team!
JPMorgan CEO’s Crypto Team Expands
Despite Jamie Dimon, the CEO of JPMorgan Chase, facing criticism for his recent statement that he would ‘shut down’ Bitcoin (BTC) if he were in charge during the Wall Street oversight hearing by the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Capitol Hill, the bank is rapidly expanding its crypto team.
Jamie Dimon, the CEO of JPMorgan Chase, has long been a critic of leading cryptocurrencies. In the past, he compared Bitcoin (BTC) to terms such as ‘Ponzi scheme’ and ‘exaggerated fraud.’ Dimon continued his aggressive stance against BTC in his recent statement and called on the government to shut down the crypto industry.
However, there are some developments around JPMorgan, indicating increased involvement with blockchain technology, even if the bank does not directly invest in crypto assets. Interestingly, Dimon’s statements came at a time when financial giants like BlackRock and Fidelity are trying to obtain approval from the U.S. Securities and Exchange Commission (SEC) for the first spot Bitcoin ETF.
JPMorgan’s Crypto Unit Staff Continues to Grow
Reports suggest that JPMorgan’s blockchain unit, Onyx, now has 300 employees, a significant increase from the mere 100 three years ago. Reports indicate that Onyx manages transactions worth approximately $1 billion daily through blockchain.
On the other hand, financial services company Fidelity has been vocal about the potential benefits of integrating crypto and blockchain into its products. Earlier, COINOTAG reported statements from a senior Fidelity executive discussing the upward potential of holding some Bitcoin. In about two months, the price of Bitcoin (BTC) has increased by over 60%, driven by various factors, including the expectation of the approval of a spot Bitcoin ETF, expected anytime in 2024.
