Chief Financial Officer of JPMorgan Chase & Co (JPM.N), Marianne Lake has said that there is real potential in cryptocurrency, noting that it is worthy of exploration.
Lake who stated this during a call with reporters to discuss the company’s third quarter earnings, said the company will be glad to accept potential future relevance of Cryptocurrencies that are properly controlled.
“We are very open minded to the potential use cases in future for digital currencies that are properly controlled and regulated,” Lake said.
Lake also said the company is ‘very optimistic’ about some of the technology that underlies bitcoin and other digital currencies.a view echoed by
Supporting Lake’s view on digital currencies, the Chief Financial Officer of Citigroup Inc (C.N), John Gerspach during company’s earnings call with reporters, on Thursday, said he sees potential for a “real commercial application” for blockchain, the technology that powers trading in digital currencies like bitcoin.
Gerspach also remarked that cryptocurrencies themselves are “worthy of exploration.”
The comments came on a day when the price of bitcoin soared above $5,000 for the first time.
The rise of bitcoin and other digital currencies has created a divide on Wall Street.
While many support the use of blockchain, a ledger technology, to speed up and improve trading more broadly, some bankers are opposed to dabbling in actual cryptocurrencies that are not regulated or backed by national governments and have been involved in a number of scandals.
JPMorgan Chase & Co (JPM.N) and Citigroup Inc (C.N) are financial holding companies in the United States.