JPMorgan’s Dimon betting on blockchain even as he calls bitcoin stupid
JPMorgan Chase Chairman and CEO Jamie Dimon said “bitcoin is a “Fraud” that “won’t end well, and if people are ‘stupid enough to buy’ bitcoin, they will pay the price for it.” However, Dimon praise highly about the technology behind bitcoin. JPMorgan Chase has launched a blockchain-based system that can reduce the number of third parties to verify global payments and ultimately “cutting transaction times from weeks to hours.” The most potential of blockchain technology in banking include “speeding up financial transactions and bringing banking services to underdeveloped countries.” According to Jamie Dimon, the technology behind bitcoin is great, however, “he does not understand the value of something (like bitcoin) that has no actual value.” What is your opinion on bitcoin? Do you think bitcoin can ever be a real currency? Or do you think bitcoin and currency can co-exist?