JP Morgan: Cryptocurrencies Have Great Prospects, But They Need an Evolution

February 10, 2018

Umar Farooq, the head of blockchain initiatives at JPMorgan Chase, said that he sees great potential in cryptocurrencies, although they need a further evolution to solve their current issues and to become better. He does not consider cryptocurrencies as "something bad", but admits that they have issues.

Farooq told Yahoo Finance at Yahoo Finance All Market Summit: 

"I would say cryptocurrencies have issues. I think we need to figure out how those issues get solved."

He noted that the cryptocurrency market definitely has some quite positive aspects, although there are negative ones as well. In particular, he pointed out the higher probability of fraudulent activities, that happen with the use of cryptocurrencies, such as money laundering.

Farooq noted:

"We think cryptocurrencies need some evolution."

Not surprisingly, he praised blockchain technology, saying that this technology can not pose a threat to his business, instead it may have a positive impact at businesses in general.

Farooq said:

"I would say blockchain will have a radical impact on some of our businesses because some businesses are fundamentally geared toward putting people together, providing the trust between parties."

It is worthy to recall that JPMorgan Chase CEO Jamie Dimon once was one of the most vocal critics of bitcoin and other cryptocurrencies, until his confession last month, where he said that he regrets criticizing bitcoin.

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