Interestingly, the CEO of Coinbase Brian Armstrong supported JP Morgan Chief Executive Officer Jamie Dimon and his attitude towards Bitcoin even though they had vastly different perspectives on cryptocurrency.
Specifically, the recent negative criticism from Dimon over Bitcoin due to its connections with illegal activities has seen Cathie Wood of ARK Invest suggest a meeting between them and Armstrong.
Although Armstrong opted to flatter JP Morgan as a “great partner” and appreciate Dimon’s respect for him in the role of CEO. He pointed out the valuable ideas he learned during his interactions with them despite their difference over Bitcoin.
This friendly answer highlights the paradoxical attitude of traditional banks towards the crypto sector. Although they may differ in certain areas, reciprocity and consideration are laying the ground for cooperation.
Interestingly, although Dimon has his own personal reservations about JP Morgan’s involvement in the crypto space, it still participates in BlackRock’s Bitcoin Trust. This paradox adds even more intrigue about the bank’s internal views regarding cryptocurrencies.
In his unexpected protest, Armstrong added another layer to the continual Bitcoin vs traditional bank narrative, suggesting the possibility of collaboration even amidst diversified viewpoints.