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Jamie Dimon's shows why bitcoin is not a future from December 17 2017 to that same date in 2018 Bitcoin the felon value from nineteen thousand eight hundred seventy dollars to three thousand three hundred ninety one dollars and became little more than a plaything for day traders the price then hovered in the three thousand three hundred dollars to three thousand four hundred dollars range or about fifty days until Bitcoin showed the price rise to four thousand one hundred fifty seven dollars On February 23rd of this year as of this writing it had fallen back to about three thousand eight hundred dollars what caused this price spike did new market information come out that supported the increasing use of Bitcoin for legitimate consumer transactions no did new market information come out that supported Bitcoin as the new financial backbone for large institutional transactions no and in fact just the opposite what happened is that Bitcoin was hit with another rash of speculation a vice president of blockchain and digital currencies at IBM mused that someday Bitcoin might hit 1 million dollars this statement was promised on a lot of assumptions not the least of which being that the world's financial institutions would adopt Bitcoin as their crypto currency of choice to settle financial transactions but here is the problem with that nobody holds an enforceable general patent on cryptocurrency what this means is that anybody who wants to create a cryptocurrency which isn't particularly difficult can do so in fact there have been hundreds of cryptocurrencies created in the last few years all but a few of which were nothing more than outright scams there is nothing that prevents the world's largest financial institutions from creating their own cryptocurrencies to settle trades and to keep those cryptocurrencies completely within a non-public closed oops so that they are not subject to the widespread market manipulation and rampant speculation that ruins the utility of Bitcoin in fact the world's largest financial institutions are doing exactly that as chewing Bitcoin JPMorgan Chase has introduced its own cryptocurrency called JPM coin to handle purely internal transactions within the company and for international transactions to substantially reduce J PM's use of the traditional Swift Network other banks are either starting to use or experimenting with their own internal cryptocurrencies the advantage to these propriety cryptocurrencies is obvious the bank itself can regulate their use and value which is all very bad news for Bitcoin since as mentioned above its success ultimately relies upon its adoption by the large financial institutions but they are all going there another way instead at best Bitcoin has a chance to be the cryptocurrency of choice for consumer adoption but it doesn't seem to be making much progress there either mainly because of its will earned reputation for periods of horrendous volatility multimillion hacker thefts of Bitcoin due to the negligence of its and regulated clearing houses and a mean ability to widespread price manipulation because it isn't regulated by anybody much more likely nations will start introducing their own government backed and government regulated cryptocurrencies to serve their role as electronic currencies paper money has been headed for extinction anyway and large banks will form consortiums and do the same thing with their own proprietary cryptocurrencies that they can control which is all to say that the future of cryptocurrency is bright but not so much for Bitcoin indeed the entire concept of currency will very likely look much different 20 years from now than it does today the industry will also substantially benefit from the rise of artificial intelligence to keep track of cryptocurrency and spot anomalies in real time companies that provide the technology to manage cryptocurrency such as IBM are going to get very rich in the process but that wealth is not going to come from coin oh and that vice president of IBM who muses that Bitcoin will someday be worth 1 million dollars per unit somebody at big blue needs to tackle that guy before he says something silly again you
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