Not everyone shares the same view about bitcoin. The CEO of JP Morgan, Jamie Dimon for example is pretty sure that bitcoin will end up getting banned in the coming months or maybe years. According to Fortune magazine, Jamie Dimon stated that the well-known digital currency has not reached a point where it can’t be banned yet and before it does, governments will take action to put an end to its reign as an alternative currency.
Jamie Dimon was speaking at the Fortune Global Forum when he made that statement. The statement is sure to have angered most if the bitcoin community. According to him, the threat to bitcoin will become very real once it starts contesting against the US dollar. He also mentioned that those bureaucrats who are currently extending their support to bitcoin and the blockchain technology are just putting up a show.
Jamie Dimon’s statement doesn’t seem too farfetched and it is one of the eventualities companies built around the success of bitcoin to be wary of. It is not unusual for governments to extend as much muscle as possible to ensure that they maintain control of the country’s finances and they won’t be happy about a platform that enables people to transfer funds across the border without their involvement.
However, Jamie was more optimistic about the use of Bitcoin technology. He agrees that the technology has more to offer than the digital currency itself. He sees blockchain technology to be minimizing paperwork in paperwork intensive markets like loans and mortgages. But, he in not so optimistic about the technology’s role in financial markets and stock trading applications.
Will bitcoin be able to replace US dollar in the world’s economy? It is not so sure yet, but there are chances for the US dollar to be replaced by some other foreign currency as reserve currency in the near future.