JP Morgan Chase Explores Crypto Patent Despite Dimon’s Bitcoin Disdain

Investing, News | September 15, 2017 By:

JP Morgan Chase CEO Jamie Dimon doesn’t like bitcoin, as witnessed by his remarks at a financial conference that the legacy cryptocurrency is “a fraud.”

However, that attitude hasn’t stopped JP Morgan for filing for a patent on an electronic currency that resembles – wait for it – bitcoin.

While the patent application does not compare the proposed new JP Morgan currency to anything currently existing in the crypto world, it is termed a “new paradigm for effectuating electronic payments” to merchants and for money transfers between individuals.

The new cryptocurrency would be on a central server, unlike bitcoin’s decentralized world.

Dimon’s caustic views on bitcoin are believed to be one of the reasons for this week’s massive price drop. The CEO predicted that bitcoin would wither and kill individual investors, and he stated that he would fire any employee who traded in the digital currency.

The online community and other financial experts have responded to Dimon by noting that cryptocurrency represents one of the biggest threats to the established order.