Information Systems Integration – Tony Messina

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?


3 Responses to JPMorgan’s Dimon betting on blockchain even as he calls bitcoin stupid

  • I have same opinion with Jamie Dimmon. I don’t believe Bitcoin can keep its value in the future. Bitcoin’s value get increased significantly in 2017. Right now, 1 Bitcoin equals 5744.11 US Dollar, however one year ago, 1 Bitcoin can only trade for 500 US Dollar (see the chart). I think Bitcoin will going to be bubble burst in the future. Because Bitcoin have no inherent value, Bitcoins are a currency which represents value rather than having value themselves. Moreover, Bitcoin is not managed by any government. It’s better to stay away of Bitcoin.

  • I think Bitcoin technology will definitely end up being way more valuable than Bitcoin currency itself. Once blockchain based systems are up and running around the world bitcoin currency will end up only being used in black market or dark web deals to attempt to avoid detection.

  • Personally, I think it would be silly to write of Bitcoin because Blockchain was initially created to support the idea of Bitcoin. Without understanding that and realizing why Blockchain supports the idea of Bitcoin so well, one can be steered in a wrong direction.

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