Bitcoin is here to stay: JPMorgan Exec

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Umar Farooq – CEO of JPMorgan’s digital assets unit Onyx – has put his name alongside those who think the cryptocurrency industry is “here to stay”. He also felt that bitcoin started to evolve because it was “a bit slow rolling” in its early years.

Crypto these days is like Napster in the 90s

Talking about cryptocurrencies and their merits, Mr. Farooq seems to have a completely opposite opinion to that of Jamie Dimon – the CEO of JPMorgan & Chase. Unlike the CEO, the former thinks digital assets aren’t a temporary trend that’s going away. He just doesn’t know what form they will exist in the near future.

Farooq compared the current evolution of the space with audio streaming service provider Napster. Many consider the software, which was running in the 90s, to be the springboard for giant companies like Apple Music and Spotify:

“And then 20 years later you have Apple Music and Spotify. I don’t think we would have gotten here without Napster. We are in the era of Napster. We just don’t know what Spotify looks like.

The CEO of Onyx also mentioned bitcoin. According to him, the main digital asset has been in cognitive mode for its first 13 years of existence. However, the tides have turned recently, and now more people are realizing the merits of BTC:

“Bitcoin has been around for a little over a decade now. The first few years were literally, you know, a little slow, and then things started to catch up.

Umar Farooq, Source: Euromoney JPM Coin Expansion

Almost two years ago, the American multinational bank announced that it would roll out a digital payment system called JPM Coin, while the blockchain unit controlling the project is Onyx.

Last week, the Central Bank of Bahrain (CBB) successfully completed a test of JPMorgan’s digital currency. This was the first such trial for the blockchain product in this part of the world.

The experiment involved two other entities: Bank ABC, based in Manama, and Aluminum Bahrain – the first aluminum smelter in the Middle East, more popular than Alba. The former successfully launched real-time payments to the latter using the JPM Coin.

Ali Mousa – CEO of JPMorgan Bahrain – said Onyx is “committed to leading the construction of the next generation of clearing and settlement infrastructure”. The success of the trial would be beneficial for the future development of JMP Coin, he concluded.

Featured image courtesy of Seeking Alpha

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