By Erik Sherman
How the mighty have taken a u-turn.
J.P. Morgan Chase CEO Jamie Dimon called bitcoin a fraud
in September 2017 and said, “You can’t have a business where people can
invent a currency out of thin air and think that people who are buying
it are really smart,” By January 2018 he had walked the remarks back but said he still was “not interested that much in the subject at all.” In February 2018, J.P. Morgan called cryptocurrencies “risk factors” to its business, something it never previously said.
And now J.P. Morgan (jpm, -0.50%) has become the first bank to offer its own cryptocurrency,
CNBC reported. But don’t expect it to become an investment vehicle—at
least for now. The cryptocurrency, called “JPM Coin,” is intended for
the bank’s wholesale payments business that moves $6 trillion around the
world daily.
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Source: Fortune
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