In her 1969 book
The Economy of Cities, urbanologist Jane Jacobs (1916-2006) wrote something that foreshadowed the rejection of Bitcoin by Dimon, Buffet, and others of their ilk and station.
Banks that provide almost all kinds of financial services to all kinds of customers have usually become generalized with age . . . They extend astounding amounts of money to tired old enterprises and sometimes . . . to charlatans who have the plausible and reassuring look of big, solid success. But old, well-established, generalized banks tend to dismiss out of hand ideas for genuinely new and unproved goods and services.
