If the CEO of a giant financial institution like JP Morgan is bullying Bitcoin, a supposedly fringe element just a year back, on a public platform, it only means one thing. Crypto currencies have come off age and become impossible for anyone to ignore. And the new technology’s threat to the traditional financial institutions and their monopoly is as real as it gets.
The traditional Banking system will become redundant in the coming days as the application of these technologies gain ground.
So, the sector is trying its best to delay the inevitable. As one the reports pointed out, JP Morgan has filed 175 times for a “Bitcoin alternative” patent in the past, but without success. It cannot get more ironic than that. You denounce an innovation in public, but in private you are trying to build the same thing, of course, the one that you can control and manipulate.
Also, it is common knowledge that JP Morgan pleaded guilty for manipulating the price of the US Dollar.
As Andreas Antonopoulos rightly says, it’s the technology behind Bitcoin which matters. This is just the beginning of that technology, and we don’t know what it is capable of in the long run. If not Bitcoin some other crypto currency, based on block chain and the associated technologies will eventually make so many centralized businesses and institutions redundant.
