JP Morgan to launch its own cryptocurrency

J.P. Morgan Chase will be the first major U.S. bank to create its own cryptocurrency. In trials set to start in a few months, a tiny fraction of the $6 trillion the bank lends to corporations will happen over something called 'JPM Coin.' The digital token created by engineers at the New York-based bank to instantly settle payments between clients. The "Squawk Box" crew discusses the possible implications of this roll out for crypto investors.

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[alstonfernandez]

OMG ITS BACKED BY THE TRUST WORTHY BANKS ? TAKE MY MONEY

[guypicard]

Amazing how supposedly smart people on CNBC are clueless about why people buy cryptocurrency.

[nighttrain]

He looks like bitcoin threw him down the stairs lol

[ikeiveysmith]

And then JP Morgan stopped crypto transactions 4 years later lol😮

[jsanford]

He doesn't care about BTC, but cares about JPM. What a tool.

[mikejens]

Any cryptocurrency NOT decentralized is dumber than a $2 bill

[marvinjames]

Jamie is just a copycat, bitcoin paved the way for all thats just a licensed criminal....

[RobertVRuggiero]

I dont even know why I watched the video.

[deevan]

CNBC trying to convince BITCOIN HOLDERS to sell and buy some SH.T COIN from JAMIE DIMON... LMAO 🤣🤣🤣

[denmarkfidelio]

If Jamie Dimon stated Cryptocurrency is a Pyramid Scheme... is he openly admitting JP Morgan CHASE is a Pyramid Scheme... how about someone in the mainstream ask him this question.

[wesleychin]

It's not crypto it's a token swap. Not open or decentralized

[Naliwina]

The boss man didn’t understand the technology back then lol 😂 Boss man this is a revolution

[englishme]

To answer Young Guy: It's validation to people like you who don't already understand the importance. JPM is just another stablecoin. Other banks would rather trust a coin controlled by nobody than one created by a competitor.

[sergiobowers]

I'm not sure if people understand this.

Bitcoin has provided better returns since 2015 than JP Morgan's stock since 1992, even after Bitcoin has fallen from recent All Time Highs!


And in comparison to Gold.

Gold has technically created a bunch of bagholders, in comparison to Bitcoin..



Every time Bitcoin has went into a bull market to create a high, it has created a newer high afterwards, and that isn't the case for Gold actually.



People say gold is a store of value right, I agree, kinda.... It depends on what you consider a "store of value."



Because technically, since Aug 2011 Gold has been in a bear trend, and it appears as though they've made a double top, unless Gold creates a newer high..

Gold had lost nearly 50% of its value from 2011 until Nov 2015!



4 year bear market, and Gold technically may continue lower.



People need to realize that Gold went as high as $2, 200.00 in January of 1980, and dropped nearly 75% afterwards in a 21 YEAR BEAR MARKET. Nice STORE OF VALUE!



Bitcoin on the other hand has much faster boom & bust cycles.



I wouldn't be surprised if Bitcoin retested it's 2017 ATH before Gold retests its January 1980 ATH!



Bitcoin has provided greater returns since 2015 than owning an ounce of Gold at spot price since 1975, even after Bitcoin has fallen from recent All Time Highs.



This trend will continue, and those are not only my words.



Bitcoin can be part of your portfolio, even if its only 5%.

[MrBitcoinNorway]

the value of a bitcoin is 1 BITCOIN. The US doller is by fare the most use ciriminal tool in the world.

[AdosFartsStink]

Banksters. JPM COIN WILL BE AN EPIC FAIL!

[elcrypto]

I wouldn't touch anything this fool is involved in.

[cryptoman]

The coin is not call Ripple, It’s call XRP..

[augusteighty]

They forgot to mention that JPMcoin is for internal JPM use. Nobody is going to be using to buy a TV or a groceries lol. How the fuck do they just casually ignore this part. It does nothing to other cryptocurrencies, because it's not a consumer coin. Now, what is likely to happen is that every bank will adopt their own internal coin (they got that part right), but this still does absolutely nothing for consumers. The value of crypto is a currency that is decentralized and not controlled by any bank, and not pegged to any one country's dollar. It's something you can use, as a consumer, in New York, or Tokyo or Sydney, or Ghana. No borders, no banks, no centralized institution controlling it. Buy a dinner in Bangkok, or a pair of socks in London, or a new TV in Singapore. Same asset, same price, for everyone, everywhere. No currency conversion, no bank middleman. Every device is its own bank, and anyone with internet access can have a digital currency they can trade with anyone else with internet access. How the fuck do these people not get it? It's like the movie industry trying to understand BitTorrent: "how do we control it!? Who do we shut down to stop them from using it!?" Answer: You don't. That's the whole point.


Now, does this mean JPM having their own internal coin is a bad thing? No. It validates blockchain perhaps, but a private, centrally controlled blockchain is kind of missing the point. I'm sure the tech will be of great benefit to banks in terms of internally secure cross border payment / settlement. And people still need banks - for mortgages, loans, retirement, insured savings, etc. But it does little to nothing to help everyday consumers, and does absolutely nothing for the billions of poor people on earth who have no access to banking. And this is why crypto (whether it's Bitcoin or any other platform) is here to stay.


For those not understanding why it's taking so long to take off - this is an exceptionally difficult thing to do. It's why there are so many companies and developers and researchers trying to figure out the most efficient way to go about this. Bitcoin relies on Proof of Work (POW) which requires insane amounts of energy and computer power to secure the network. It's currently hyper inefficient, too slow, and too expensive to use widely. There are different ways to go about Proof of Work, which is why you have forks / various alternatives to Bitcoin. Other platforms are attempting Proof of Stake (Ethereum...which is what JP Morgan's coin is based on), others Delegated Proof of Stake (EOS). Some compromise centralization for speed and cost. Some aren't even currencies, but more operating systems for decentralized computing / networking. There are countless obstacles to overcome and software / infrastructure to develop. Most of the major universities in the world, from Oxford to MIT are working on this technology. In the end, it will just keep getting better, and we will 100% eventually have one or multiple crypto currencies and elaborate decentralized computer networks in use by 100s of millions of people all over the world...and likely dominating most of the financial transactions (and most of the person-to-person transactions including supply chain, gaming, entertainment, voting, real estate, all contracts, etc.) made throughout the world. All of it will use blockchain and smart contracts. It's just a matter of time.

[Pascal-ehsd]

Everybody should be able to bring his own coin. Why not JPM Coin? Maybe next is Bank of America. We are in a "Bring Your Own Coin" era :-)