Bitcoin is going to do to the banks what email did to the post office and Amazon did to retail.
Bitcoin is going to do to banks what email did the post office and Amazon did to retail. Understandably those at the center of the financial system are concerned.
The banker’s mantra of “blockchain not bitcoin” has caught fire on Wall Street – everybody loves blockchain, they may not know what it is, but they love it! Jamie Dimon, CEO of JPMorgan, hates Bitcoin, but loves blockchain, Goldman Sachs CEO, Lloyd Blankfein, has embraced blockchain while he is warming to Bitcoin. Admittedly, I suffered from the same love affair with blockchain. As an early adopter of Bitcoin I still had feelings for the currency, but for a period of time I was infatuated with blockchain.
Perhaps I should begin with the journey that lead me to Bitcoin. For more than two decades I was a part of Jamie Dimon’s and Lloyd Blankfein’s world of traditional finance. I began my career as an equities trader and then spent most of the internet bubble trading merger arbitrage — for those old enough to remember the halcyon days of “Merger Monday,” I was the guy placing bets on whether the deal would go through and who would be next. After the internet bubble popped and in the throes of a recession, I started a brokerage firm that catered to mutual funds and other institutional investors. My clients were the old guard of the financial world. We did well, but I didn’t find it very exciting.
Source/More: Why Bitcoin Matters More Than Blockchain