October 15, 2021

Photo: Christophe Morin/Bloomberg via Getty Images
Hello and welcome to Protocol | Fintech! This Friday: Jamie Dimon's bitcoin bashing, GoHenry's founder on fintech's responsibility, and Putin on crypto in energy trading.
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JPMorgan Chase CEO Jamie Dimon is back doing what he's become famous for (or infamous, depending on where you stand): bashing bitcoin.
But the Wall Street exec may also be realizing he can't stand in the way of what his clients want.
"I personally think that bitcoin is worthless," Dimon said Monday during an Institute of International Finance event. It's sort of a daring statement given bitcoin's value climbed to $57,000 in the past week.
But Dimon conceded that his clients want in. "I don't care. It makes no difference to me," he said this week as he affirmed what the JPMorgan CFO said in 2017: That the Wall Street giant, despite Dimon's bitcoin skepticism, has started to dip its toes in crypto — because of customer demand.
And ultimately, money talks. "It's got no intrinsic value," Dimon also said of bitcoin last week in an interview with Axios. But that fact has become increasingly irrelevant. Wall Street — and Dimon — simply can't ignore an asset class that now has a market cap of more than $1 trillion. "Just because someone thinks something is a pile of [bleep] doesn't mean they can't make money on it," Siegel said.
-- Benjamin Pimentel
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Robinhood to SEC: Gamification? It's free speech. The trading app said the First Amendment could limit any effort to regulate its "digital engagement practices."
A cast of blockchains want to take down Ethereum. Solana, Avalanche and others are challenging what has become the default blockchain for developers.
A16z has six proposals for the future of crypto. The Silicon Valley VC firm outlined what it thinks policymakers should do to adapt to the fast growing technology trend.
Coinbase will start offering NFTs. The crypto marketplace wants to reach the "creator economy."
GoHenry is a financial education and tech company geared to 6- to 18-year-olds.
What fintech trend are you most excited about, besides your own sector?
I know lots of people are carefully watching the Decentralized Finance space. It's really exciting to think of what might be possible there. There is also some exciting stuff still happening in the digital banking space; while it is not new, it continues to be interesting to see how folks are thinking of new value propositions for niche audiences. Not unlike financial literacy, there are unconventional digital banks giving access to financial services that traditional banks have ignored.
What fintech trend is most troubling for you?
This question reminds me of the quote "with great power comes great responsibility." Fintech unlocks access to new fields but it doesn't necessarily prepare you for them. Take, for instance, fintech companies leveraging technology to democratize access to financial markets. This is great because it's never been easier for retail investors to access the stock market and start thinking of building long-term wealth. But for every wonderful story of how it's never been easier to learn about and participate in the stock market, there are pitfalls ... Think about it, people who barely understand how to balance a checkbook or the concept of personal finance are now "gambling" on the markets. Overall it feels like a net positive, but it's also a reminder we have some ways to go to ensure that before that access happens, there is education and tools to ensure people are building their money confidence while taking calculated risks.
What's been your biggest professional blunder, and how did it help you?
[Laughs] Too many to count. Struggle well and fail forward. I'm yet to make the same mistake twice!
What problem would you like to see a fintech company solve?
I'll give you two answers, one because it's in vogue. I hope someone makes it easier to purchase an NFT! The wallets are still a bit fiddly. The other problem is larger: I'm excited to see the innovations that will exist due to our aging population. There is a lot of innovation required in the adult caregiving space, and no doubt we'll start to see some interesting stuff in the financial caregiving space.
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The increase in the number of Citi customers accessing accounts via mobile, compared to pre-pandemic levels.
Thanks for reading — see you Tuesday!
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