“Remember that a year-and-a-half ago, Jamie Dimon wrote a letter to shareholders saying ‘this is going to come eat our lunch.’ He was scared to death of it. I think what they thought was they could get in front of it and they are realizing they can’t get in front of it.”
-Patrick Byrne Overstock CEO
Oh, burn dude! I love it when a CEO of a highly successful company defends Bitcoin.
Patrick Byrne followed up with this:
"What people are realizing about Blockchain is that you can take out about 90 percent of the back office costs of all kinds of mechanisms and banks and stock markets and such. That’s why Overstock has been sort of pioneering the application of Blockchain to Wall Street. You cannot only take out the cost, but you can also create a version of Wall Street where no one can cheat.”
The primary challenge of Wall Street with Blockchain. How will we cheat???
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Jamie Dimon was probably loading up his account right after he made his comments...maybe a bunch of his friends had some dry powder on the side - ready for his comments to influence the market. Either way - the central banks need to pay attention to crypto - ignoring it would akin to ignoring the impact of the internet///
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