BITCOIN: Is JPM Coin a Competition?

[Текст на српском] Yesterday bitcoin spiked from $3570 to $4000. Crypto community held its collective breath over the speculation that this is a reaction to the surprising Valentine’s Day announcement of JPMorgan Chase has become the first US bank to test its own digital currency. Well, is it, really?

After a series of anti-bitcoin salvos from their Chairman and CEO Jamie Dimon, the largest U.S. bank JPMorgan Chase announced plans to launch JPM Coin. The news is presented something like this: “JPM Coin, the first cryptocurrency created by a major U.S. bank, will be used to settle payments between clients and the lender will then work to transfer cross-border payments or corporate debt issuance services on to the blockchain – which could make a significant impact on the financial technology, or fintech, industry.”

Only it is not a cryptocurrency.

Yes, it is a blockchain technology, but it is not public, it is not open, and it is not permissionless. It is just an internal payment system aimed at quicker and cheaper settlements between the nodes of JPMorgan Chase banks all over the World. That means a new bunch of bank clerks will get the boot, but there won’t be any benefits for the bank victims… i mean clients.

Here is our @benswann explaining everything in an interview with RT America’s Manila Chan.

Duration: 5:29

So, what’s the significance? This move by JPMorgan Chase is a perfect BANKING acknowledgment that blockchain technology is a driving force of the fintech industry. And now, people will learn that they can do the same thing as JPMorgan Chase, only without the bank and their plundering fees. And Jamie Dimon will have to look how bitcoin slowly destroys his bank…


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