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Why blockchain is a belief system

Summary:
In an interview with Fox Business on Tuesday, JP Morgan CEO Jamie Dimon back-pedaled on his September claim that bitcoin is a fraud “worse than tulip bulbs”.He said “he regretted” making the remarks because they dismissed the technology in broad terms, adding “the blockchain is real. You can have crypto yen and dollars and stuff like that.”It’s not clear how much of the U-turn was prompted by the highly personalised hate campaign run against him on social media by crypto promoters. What is worth noting is Dimon’s especially apologetic stance towards “blockchain”, the technology that underpins cryptocurrency and which financial institutions are heavily investing in in a bid to revolutionise settlements.According to Bloomberg, Dimon “believes in blockchain” — a turn of phrase that speaks

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In an interview with Fox Business on Tuesday, JP Morgan CEO Jamie Dimon

Izabella Kaminska
Izabella Kaminska joined FT Alphaville in October 2008, which was, perhaps, the best time in the world to become a financial blogger. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP’s internal magazine. She has also worked as a reporter on English language business papers in Poland and Azerbaijan and was a Reuters graduate trainee in 2004.

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