WILL BITCOIN BE TREATED LIKE ONLINE PIRACY? – TDV WEEK IN REVIEW: OCTOBER 12TH, 2014

Banks are aware of Bitcoin. One CEO doesn’t think it is long for this world.
Bitcoin developers ‘are going to try and eat our lunch,’ Jamie Dimon, chairman and CEO of JPMorgan Chase said last week. ‘And that’s fine. That’s called competition, and we’ll be competing.’
Dimon sees the point in Bitcoin. But there are some problems he sees on the horizon.
‘I agree with real-time digitization,’ Dimon agreed. ‘The issue I have with Bitcoin is that it’s not about the technology, it’s about governments. When people form nations, one of the first things they do is form a currency. Are regulators and governments really going to foster Bitcoin over a long period of time? I think the answer is no.’
James Gorman, CEO of Morgan Stanley, echoed Dimon’s sentiment.
‘You have to be respectful in the face of new technologies like Bitcoin, but you don’t capitulate,’ he said. ‘You adjust and take advantage. Consumers feel better putting their money with a brand they recognize. We have capabilities and resources that are very powerful.’

This post was published at Dollar Vigilante on October 12, 2014.