Blockchain Is A Belief System

In an interview with Fox Business on Tuesday, JP Morgan CEO Jamie Dimon back-pedaled on his September claim that bitcoin is a fraud “worse than tulip bulbs”. He said “he regretted” making the remarks because they dismissed the technology in broad terms, adding “the blockchain is real. You can have crypto yen and dollars and stuff like that.” It's not clear how much of the U-turn was prompted by the highly personalised hate campaign run against him on social media by crypto promoters. What is worth noting is Dimon's especially apologetic stance towards “blockchain”, the technology that underpins cryptocurrency and which financial institutions are heavily investing in in a bid to revolutionise settlements. According to Bloomberg, Dimon “believes in blockchain” — a turn of phrase that speaks volumes about the state of the technology being advocated.