As Chief Executive of the crypto-currency exchange Grayscale, Barry Silbert is in a unique position to defend the integrity of Bitcoin. So when JPMorgan Chase’s Jamie Dimon recently claimed that Bitcoin should be banned–calling it a “fraud” and an “environmental disaster”–Silbert didn’t remain silent.
In an exclusive interview with Yahoo! Finance, Silbert said Dimon’s comments were “arrogant” and “self-serving” and that he was unlikely to heed the call of people like Dimon who claims that crypto-currencies have no value.
Silbert made it clear that he wants cryptocurrencies to gain acceptance–not hostility–from banks and major financial institutions. He believes that these institutions can supplement their traditional services with Bitcoin-related products.
“If he [Jamie Dimon] could put this enormous energy into figuring out how he could create some sort of product, create something that is either a complement or an enhancement to JPMorgan’s existing product suite, I think it will be a much better use of his time and JPMorgan’s time,” said Silbert.
Silbert believes that if Jamie Dimon gave crypto-currencies a chance, his bank and other financial institutions could potentially benefit. Regardless, Silbert acknowledged Dimon’s role in reforming the banking sector and commended JPMorgan Chase for experimenting with blockchain technology.
It’s clear that Barry Silbert stands firm in his belief that Bitcoin and other cryptocurrencies are an important new asset class. He believes cryptocurrencies will continue to influence how money moves around the world, and that any attempts to stifle innovation will ultimately fail.
