Coinbase CEO, Brian Armstrong: Bitcoin is “one of the most important inventions of all-time”. It has started a global movement that has pushed firms to disintermediate individuals and their money and data.
Jamie Dimon is known as being among the first and loudest on the Wall Street to warn against the cryptocurrency, calling it a “fraud” and warning investors that if they were “stupid enough to buy it” they would “pay the price one day.” That’s itself is funny enough — Wall Street top manager is calling something a fraud. Ironic, isn’t it?
When asked during CNBC’s interview if he took any satisfaction in being right after BTC dropped about 80%, Dimon answered at the World Economic Forum in Davos he “didn’t take any.” But to be honest that prediction looked more like a guess.
Still, Dimon is advocating for blockchain technology itself. Despite its own level of corporate hype, he said it’s not the perfect fit to disrupt things like equity trades. (Yes, of course being CEO of JP Morgan obliges him to say things like that!). It’s a better replacement for certain online databases (!), he said.
“Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date,” Dimon told CNBC’s Squawk Box. J.P. Morgan is using the technology, which gets rid of the need for a third party intermediary by creating a permanent, open record of all transactions on a network. Buyers and sellers can interact directly and have their exchange recorded on a what’s known as a “distributed,” or blockchain ledger. (Which is quite a positive approach from such a corporation. Good way to increase adoption).
In October 2017, J.P. Morgan Chase announced a blockchain-based system that will “significantly reduce” the number of parties needed to verify global payments, reducing transaction times “from weeks to hours.” Royal Bank of Canada and Australia and New Zealand Banking Group are among the bank’s partners in the project. Corporate giants Amazon, Facebook, and IBM are also among the many others exploring blockchain use cases .
BTC meanwhile as all of you know has failed to stage a recovery. Since its peak in December 2017, it’s fallen about 80%. It has dropped roughly 75 percent over one year, and is trading now near $3,570 according to data from coin360.
Also be aware that JP Morgan and its CEO tend to have reputation as fraudsters due to their mortgage fraud legacy. More details can be found here: https://boingboing.net/2017/10/06/eric-holders-legacy.html