Bloomberg’s Aaron Brown: Jamie Dimon Got It Wrong?

Bloomberg’s Aaron Brown: Jamie Dimon Got It Wrong?

Cryptocurrencies are probably solving problems that won`t disapper if their prices collapse, according Bloomberg`s opinion piece.In light of Jamie

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Cryptocurrencies are probably solving problems that won`t disapper if their prices collapse, according Bloomberg`s opinion piece.

In light of Jamie Dimon`s recent criticism towards Bitcoin, Aaron Brown, a writer for Bloomberg (bloomberg.com) commented:

“Asking a bank CEO what he thinks of bitcoin is like asking the head of the post office what he thinks of e-mail.”

“In a perfect world, Dimon would note the reasons why people use the cryptocurrency along with the dangers, and explain how JPMorgan is working to provide its customers with the advantages that come with bitcoin in safer forms. Instead, he denounces innovation as fraud and threatens to fire any employee who trades in bitcoin.”, as the article added.

According to Brown, people began using Bitcoin because it solved problems of the existing money and banking system: “inflation, expropriation, taxes, use restrictions, financial repression and fees, especialy for small and cross-border transactions”.

“But bitcoin became monetized and its value far exceeds the current use value in transactions. Its value is now based on projected future need for protection against the problems it solves. If this be fraud, all money is fraud.”, as the report claimed.

Are cryptocurrencies one big bubble that is bound to explode? No one knows for sure. But the problems they address will continue to exist, as the article speculated.

Only time can show what will be the larger implications of the cryptocurrency craze.

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