PMorgan Chase CEO: All Crypto Will Be Government Controlled

Today, Jan. 9. the Chairman & CEO of JPMorgan Chase, Jamie Dimon, spoke pessimistically about the viability of decentralized cryptocurrency, predicting that all digital currencies will eventually be fiat, or government-controlled. Dimon made the comments today at the JPMorgan Health Care Conference in San Francisco.

Answering questions at the conference, Dimon focused on the implausibility that any cryptocurrency would ever reach mainstream adoption, predicting that global governments would not allow it.

Instead, Dimon asserted, the only digital currencies that will see mainstream adoption and use as currencies will be government-backed, or fiat, ones, such as a digital dollar.

At the conference, when asked how he sees the “shadow economy” of decentralized cryptocurrency playing out long term, Dimon pessimistically stated: