The Wall Street Journal has a glowing interview/article (here) with Balaji Srinivasan about the future of Bitcoin. Nothing about a bubble, nothing about frauds or scams. This is a tacit endorsement by the best financial paper in the world.
The paper describes bitcoin and the blockchain in general as the "internet of money" and describes how it is revolutionizing everything in finance. It goes on to describe how China is trying to manipulate bitcoin in order to facilitate their own currency tied to the renminbi, or to capture bitcoin for themselves. WSJ explains how china created the great firewall shortly after the internet was invented, and now they're trying to do the same with blockchains and crypto... China isn't banning bitcoin. They plan on regulating it themselves.
The point that a blockchain allows artificial scarcity to be added to an inherently copyable digital asset is a subtle point that I had lost sight of. That is extremely powerful, but also conflicts with the bits-vs-atoms debate. The Internet shows that bits are not constrained by the scarcity of atoms, yet blockchains will potentially allow corporations to impose artificial scarcity onto bits to create atoms-in-bits. Something we all need to remain cognizant of when we tout the benefits. If industry could have used blockchain tech to facilitate DRM somehow we may never have seen the transformation of the music industry.
This is the most positive sign I have seen around bitcoin in a long time. Wall Street journal putting out a positive article about BTC is a huge progress.
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Source: https://www.reddit.com/r/Bitcoin/comments/71z7he/big_time_article_in_wall_street_journal_today/
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Thank You!
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Yes it is a huge step
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The fact that Dimon was so venomous in attacking bitcoin shows how powerful it is. The blockchain is really going to upend the banking sector. Dimon knows this intimately. At the end of the day, the bankers will be in cryptocurriences completely. This is just something else for them to try and control while profiting from it.
Thanks for the post.
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