JPMorgan Chase CEO Jamie Dimon has weighed in on Facebook’s cryptocurrency Libra.
Dimon, a staunch critic of cryptocurrencies but an advocate of blockchain technology, doesn’t see the social media giant as an existential threat to his company, he told Yahoo Finance.
“We move $6 trillion a day around the world. It is very cheap, very secure, it works. And the banking system has already built Zelle, real-time P2P and The Clearing House, with the banking system built real-time payments,” he said.
The crypto space does, however, provide healthy competition, with Dimon acknowledging that some firms “want to eat our lunch.”