“God Bless Bitcoin”…..or Not. Jamie Dimon (JPMorgan Chase CEO) is betting big on the technology behind ‘fraud’ bitcoin
- JPMorgan Chase said Monday it is launching a blockchain-based system with two other banks to reduce global payment transaction speeds “from weeks to hours.”
- On Friday, JPMorgan Chairman and CEO Jamie Dimon said he sees potential in A distributed database with of blocks containing time-stamped transaction information and digitally linked to those around them to create a tamper-proof chain., but said: “if you’re stupid enough to buy [bitcoin], you’ll pay the price for it one day.”
- Blockchain creates a quick, permanent and transparent record of transactions, eliminating the need for third-party verification.
Is there fear in the banking industry OR is everyone else wrong?