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so you you mentioned cryptocurrency i know you said you weren't going to talk about bitcoin anymore but you're at stanford some of us put all our student loan money into it and i have to ask you anyway why do you believe that governments and regulators can't allow the existence of a global currency basis i look like a spokesman against bitcoin i don't care i don't care about bitcoin i could give a to tell you the truth right and i i promised myself i wouldn't talk about it the next day there are four things really quickly blockchain is real it's technology it could be public or private it could be for five people it could be for five million it's going to work well you already use it in a lot of test cases and stuff like that so we're a supporter i do worry a little bit about the security because like i said we move six trillion dollars a day real time quite efficiently effectively and secure before you replace that you know you got to make sure you can you can do it right there are three cryptocurrencies okay three types three separate types one is icos ico and i haven't studied these things but you're paying for a token that allows you to use a service which is very different than a currency but that's what people call cryptocurrencies and maybe jim maybe you've studied some of his icos i have no idea you know about someone give you cloud services or something give you investing services that's one type the second type you can use cryptocurrency for fiat currency well that works because it just uses a different technology to move money around you know basically keep your money digitally anyway and if you just keep different files in a different way and distributed ledgers that would work fine but i've always thought about bitcoin as a currency and a store value and a payment mechanism is that governments and this this is my belief and i may be wrong i'm not saying you can't go to a hundred thousand dollars that governments are going to crush it one day for three reasons okay one is when it's used for terrorist activities okay it'll happen it's a matter of time it'll go back to a bitcoin and then all of a sudden the doj the united states government all these people in washington who profess to love technology and you know novelty of bitcoin are going to change their mind number two when a lot of little ladies lose their money you know because the speculative vehicle was allowed to exist by the united states government you know and they're going to lose their money and they're going to be pounding you should have done something about it and number three is the most important government whenever a government forms itself and you go to any country in the world pull out the currency look at the date that fiat currency was formed by that government with the central bank because governments like to control their currency like to know who has it where it's going why it's going when it went et cetera and right now bitcoin's a novelty it's 100 billion dollars you know and a billion dollars a day trades hands obviously mostly speculation okay and obviously there's a real use case i'm not making this a joke venezuela cuba north korea criminal you know drug money that'll always be true so always have a use case that's valuable to someone because it's better in those countries to do some you know to have that than have to have currency or cash or money in a bank because the government they take that too and if you go to argentina they had effectively savings accounts the government just went in and took it they just took it and you know of course everyone took the money out of the bank right after that and the country basically collapsed but uh uh so that's the reason why and it's going to get bigger and bigger and they're going to want to control it and it's not the same as a fiat currency a fiat currency the government says you must take this as legal tender and at par effectively cash at par you know and it's always worth par and i don't know why a crypto dollar would ever be something that you know a store of value be worse than a crypto uh bitcoin so uh you know that's my view and i i may be wrong and which i doubt but i've been wrong before though so and if i'm wrong i also don't care very much it'll never affect my life it's not because they write or the bankers are defending their stuff that's absolutely untrue you know if bitcoin works and we have to do some bitcoin we'll do that too kind of a win-win there um exactly jp morgan's a big investor in blockchain technology as i think from bitcoin um what do you think the most interesting applications of blockchain are going to be in finance blockchain think of it as it's it's not like a faster chip or you know the nvidia gpus and stuff like that because when you get certain technologies they just filter through the whole system and they allow you to do things differently everywhere like just more database and you know more reading different natural language processing this you basically have the right code to have a use case for bitcoin so think of it it'll be deployed use case by use case we're using it to move money inside the bank something like 30 or 40 percent of the six trillion dollars we move is just between jpmorgan chase accounts okay i saw mary here you know from general motors to one of your vendors and we have both the accounts we just move it between our own accounts you know basically with loans okay loan you know a loan document due to trade all the paperwork all the details invitation all the you know all the covenants and all that can be kept in a place where you all have the same files all kept up to date you know who owns you know who doesn't own it um that so that'll be one equity trading i don't know the bitcoin takes 10 minutes to finish you know we do thousands and thousands of trades split seconds in equities so it may be too late to use for equity train it may be okay for end-of-day settlement stuff so that's all just use case by use case you can go through one by one and say it'll work here it may not work there and but again you got to kind of write the code or effectively rewrite the code you
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