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What Dimon got wrong about bitcoin and tulips - Aaron Brown

Published 09/18/2017, 04:33 PM
Updated 09/18/2017, 04:33 PM
© Reuters.  What Dimon got wrong about bitcoin and tulips - Aaron Brown
  • Asking a bank CEO what he thinks of bitcoin is like asking the head of the post office what he thinks about email, writes Aaron Brown at Bloomberg.
  • Instead of acknowledging why folks use cryptocurrencies and explaining how JPMorgan (NYSE:JPM) is working to safely provide customers with their advantages, Dimon instead denounced innovation as fraud and threatened to fire any employee who trades in bitcoin.
  • Yes, bitcoin values could collapse the way tulip futures did, but the issues cryptocurrencies address won't go anywhere. Brown: "People will continue to pursue technological innovations to improve financial services. The eventual winners may be traditional financial institutions that innovate or new entrants."
  • Related: OTCQB:BTCS, OTCPK:BTSC, OTCQX:GBTC, OTC:ARSC, OTCPK:GAHC
  • Previously: Dimon: Bitcoin a fraud (Sept. 12)
  • Now read: Bitcoin Just Gave Proof It's A Bubble

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