JP Morgan chief praises bitcoin technology
Investment bank JP Morgan's chief executive, Jamie Dimon, sees the technology behind bitcoin as something that can revolutionize the financial markets globally.
"We have a lot of people who watch it," he says. Jamie Dimon is a legend in the world of finance. As the president, CEO and chairman of JP Morgan Chase, he has tremendous influence over the world's financial industry. Business magazine Forbes listed him last year as the world's 18th most influential person. Here is a chat with him about what can cause the next big financial crisis.
We have enjoyed a long period of rising stock markets now. If it is not Greece, who can stop the trend?
"I do not want to speculate on the stock market. We have technological breakthroughs in areas such as turbines, solar power, batteries, computer chips, phones, big data - progress that will make life better for millions of people. However there will always be events that disrupt the long term trend. "
If you compare it to how it looked before the IT bubble and the financial crisis - do you see any similar imbalances in the economy right now?
"The only bubble I see is in the national debt. We have had three programs of quantitative easing in the US and depressed interest rates for a long time. I think it would be better if it were normalized even if normalization would be painful for the global markets. But if central banks' programs lead to growth, as it seems to do in the US - it will overshadow the potentially negative impact of the return to a normal situation.
JP Morgan, like many other banks in recent years invested heavily in digitizing their operations. Not least in terms of cyber security has become a rapidly growing challenge.
"Banks have good protection, better than most industries. JP Morgan invests nearly 4 billion in IT security annually. We do what is necessary. My advice to anyone is to take this threat very seriously. "
"We have screens where you can follow the cyber attacks in real time. It is possible to see the maps how viruses and hackers trying to break into our systems. There are thousands of attempts every day. "
But even if cyber threats growing in pace with the digitization, it is no doubt that Jamie Dimon embraces development. During his visit to Stockholm he visited, for example, Swedish Spotify's headquarters.
Do you see any technology out there that can completely reverse the conditions and challenge the banking sector?
"There is one really innovative technology out there called blockchain. The technology behind the cryptocurrency Bitcoin. It will change a lot. It is a technique that could make it cheaper and safer to specify who owns a particular asset on any financial market. We have a lot of people who monitors it. "
"The banking sector has been digitized constantly. Banks are good at using the new technology and I'm not averse to changing the way we work. We have done it many times before. "