JPMorgan CEO said Ive always been deeply opposed to crypto, bitcoin, etc.
Because they want us to continue using their legacy systems, and their plans to "upgrade" that is through CBDCs. A centralized digital currency they control programmatically, and "guided" by their rules.
Bitcoin, enforced by the consensus rules of the network, gives us the faculty to actually own our own digital assets, and therefore functioning as a right to actually own property in the internet.
Jamie Dimon has several reasons to attack crypto, but I think he would also have several reasons to embrace it if he was smart and visionary. If something can't be stopped, I guess embracing is always better than opposing it unless it is something evil to humanity, which I believe he doesn't really think BTC is.
They are losing out on transaction business and they are also losing out on investment business because the younger generation isn't going to buy shares or ETFs when they can one-click buy crypto in their apps. Owning BTC is becoming a thing among the younger people. That's what I see in my closer environment. The number of questions I get asked by young people has been significantly increasing over the last few years. They find the topic interesting and they want to own some. The tendency to own digital assets takes away business from in-house brokers of banks like JP.
BTC doesn't charge a fee for owning an account. For a bank it makes a difference if someone parks 100k USD in the bank account, which can then be used to give out loans and earn money, or whether someone parks it in their own BTC wallet. And the whole trend is just starting and I think Jamie Dimon knows it.
But I have been asking myself this question countless of times, do these people really not own any BTC? They are rich already, yes. But if they see a growing trend and it doesn't cost them much to buy a small share in that movement as I would call it, would they really not do it for ideological reasons? If I hated art, but I would still be convinced it is going to explode in price, would I refrain from owning some? I think I wouldn't.