JPMorgan CEO Jamie Dimon is at it again, calling bitcoin worthless and predicting its spectacular collapse. As a hedge-fund manager focused on the new asset class of bitcoin and other digital currencies, I couldn't disagree more with Jamie Dimon. Perhaps I have fallen too far down the rabbit hole and my view is warped by my business interest — but there is a reason that I decided to take the career risk of shifting my focus to this new asset class. The reason is that I have seen this movie before with the emergence of the internet.
In the early 1990s, I was a fledgling trader who had moved to New York to make his mark on Wall Street. The internet, as I knew it, existed on a single computer at the end of the trading desk. This "internet" appeared only to be useful for something called email, which, to a trader with telephones on each ear seemed like a novelty. In hindsight, it's abundantly clear that I was too young and inexperienced (read: dumb) to understand the revolution that was happening right before my eyes. My view is not that Jamie Dimon doesn't understand the disruption that is happening in financial services — on the contrary, I think he is acutely aware. What I think is happening here (predictably), is that the CEO of one of the world's largest financial institutions is threatened by software that was developed to upend his position at the top of the food chain.
It's important to understand that bitcoin and other digital currencies are simply software, a computer program designed to automatically verify and transfer value around the world — exactly the role that JPMorgan currently plays. In fact, JPMorgan moves about $6 trillion a day and they are pretty good at it — but bitcoin and blockchain technology are proving to be better.
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This is an interesting commentary contradicting the new epitome of the anti-Bitcoin movement named Jamie "Demon" Dimon and I could not agree more. Definitely, Demon is just one of the many (and there would be more expect on that!) people who are already disrupted by Bitcoin. And he is putting up a fight because he feared that he and the institution he is representing can be marginalized if ever Bitcoin can be going mainstream.
The main problem here is that the media is giving him the attention he is asking for. Well, the media is cooperating because soon the media would also be disrupted by the blockchain...we are just waiting for a good project for the media platform that would take advantage of the innovative blockchain technology.
The market is giving the kind of reaction that Demon is craving for and that is why he is doing it again and again. You can expect that the man would be using the media to promote his own bias and to cement his own legacy as an anti-Bitcoin propagandist.
Welcome to the world of the Demon! Pun intended!
