Then I did some more homework and began to dabble. Headlines about JPMorgan JPM creating a blockchain platform around the ethereum protocol, CME Group CME planning to launch a futures contract on bitcoin, and Amazon AMZN buying three domain names for cryptocurrency-related businesses certainly have thrown some gasoline on the crypto bonfire.īut I didn't understand blockchain and bitcoin well enough to invest in it even a month ago. We've covered bitcoin and blockchain twice here this month and I speculated it could go to $20,000 next year as more financial institutions adopt different aspects of this new asset class. He's been saying that for at least a few months and what he means is that people - and bankers - are starting to catch on that there is something real and significant about these technologies. Hedge fund manager Mike Novogratz would sum it up in just four words: the herd is coming.
Why is it surging above $10,000, more than doubling in a few weeks? Now, let's talk about this crazy mania going on in Bitcoin (BTC). Here's an excerpt from that Nov '17 podcast/article. bank to launch a cryptocurrency, as I talked about in this November 2017 podcast and article.īitcoin or CRISPR: Which is the Bigger Disruptor? Long seen as a fast-moving financial services disruptor under his leadership, JPMorgan was investing billions of dollars every year in technology and had just debuted its own "online-only" bank, dubbed Finn. In February of 2019 at JPMorgan Chase’s annual investor day in New York, Jamie Dimon was asked a very provocative question and he gave a very surprising answer.Īccording to Andy Peters in the 2/26/19 American Banker article JPMorgan's Dimon: Square innovated where we should have, the boss was essentially asked "what companies could get steamrolled by his bank."
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