Jamie Dimon, the CEO of banking behemoth JPMorgan, has maintained a divergent view about cryptocurrencies.
While he frequently disses Bitcoin BTC/USD, the most valued cryptocurrency, he appears to have a favorable view of blockchain technology in general and projects based on smart contracts.
What happened: During an interview with CNBC in January 2023, Dimon made a clear differentiation between the two types of cryptocurrencies.
"There’s a cryptocurrency which might actually do something. Think of a cryptocurrency that has an embedded smart contract in it and that we can use it to buy and sell real estate and move data. That may have value," the CEO of the world’s most valuable bank said.
Though Dimon did not identify a specific cryptocurrency, the word “smart contract” possibly referred to Ethereum ETH/USD and blockchains and decentralized applications built on the network.
Smart contracts are self-executing computer programs that facilitate transactions without a central authority. Ethereum is well-known as the largest smart contract-enabled platform.
See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally
When Dimon made this assertion, Ethereum traded at $2,531.26 a piece. So, if you invested $1000, you’d have received 0.3950 units of ETH.
Today, one Ethereum was exchanging hands at $3,443.36. This meant that the original investment would have turned $1360.33, reflecting a return of 36%.
Why It Matters: Dimon’s opinions suggested that he supported cryptocurrency projects that have utility and could solve real-world problems, unlike Bitcoin, which is speculative and relies on expectations of long-term value growth.
Dimon reaffirmed this attitude earlier this month, stating that blockchains will have long-term use. In the same breath, he linked Bitcoin with illicit activities like s*x trafficking and money laundering.
Interestingly, JPMorgan has invested in Ethereum exchange-traded funds, with a significant stake in Grayscale Ethereum Trust ETF ETHE and its miniature version, Grayscale Ethereum Mini Trust ETF ETH.
Price Action: At the time of writing, Ethereum was exchanging hands at $3,422.62, up 4.43% in the last 24 hours, according to data from Benzinga Pro.
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