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What Jamie Dimon Is Missing About Bitcoin

2017-09-19 2 Dailymotion

What Jamie Dimon Is Missing About Bitcoin<br />But he seems to have missed Mr. Marks’s subsequent backflip in which, while remaining a skeptic, the hedge fund mogul wrote, “There’s<br />absolutely no reason why Bitcoin — or anything else — can’t serve as a currency if enough people accept it as such.”<br />Mr. Dimon is also too modest about JPMorgan’s own achievements in this arena.<br />In Mr. Dimon’s telling, Bitcoin has value only for people who want to bypass the traditional banking system for illicit purposes, including “murderers<br />and drug dealers,” or people living in countries with repressive governments like North Korea and Venezuela.<br />Mr. Dimon’s comments may have come as a surprise to the dozens of employees at his bank working<br />on projects related to blockchain, the bookkeeping technology underpinning digital currencies.<br />Yet as one of the world’s foremost bankers, Mr. Dimon is plainly aware that countries also create fiat currencies out of thin air.<br />Presumably, Mr. Dimon doesn’t think Etherereum, whose value is up more than 2,000 percent over the last year, is also a modern version of tulip mania.<br />In his comments, Mr. Dimon cited the famed investor Howard Marks, who in a July memo to his clients referred to Bitcoin as an unfounded fad.

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