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Babystepping to Bitcoin

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crrdlx (CR for short)
@crrdlx
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2 min read

Remember "Baby Steps" from Groundhog Day? Don't think of the whole thing at once...take little steps, one at a time...that eventually...slowly...get you to...the ultimate goal.

That's what Jamie Dimon is doing, CEO of JPMorgan. Good for you Jamie! Good boy! Big boy!

  1. Jamie said Bitcoin is a fraud: https://finance.yahoo.com/news/jamie-dimon-bitcoin-fraud-thats-180222751.html
  2. Jamie's JPMorgan makes its own cryptocurrency: https://finance.yahoo.com/jp-morgan-blockchain-chief-umar-farooq-why-we-launched-cryptocurrency-jpm-coin-201430895.html
  3. Jamie's JPMorgan accepts cryptocurrency: https://www.coindesk.com/coinbase-gemini-first-crypto-exchange-customers-jpmorgan-bank-report
  4. Jamie kinda admits the inevitable, that crypto is in the future and they'd better get on the train or be left standing at the station: https://www.coindesk.com/jamie-dimon-regulatory-status-cryptocurrencies-dealt-with

Let's decode each of the above items...

The official statement...Which is code for...
1. "Bitcoin is only used by drug dealers, gun-runners, and scammers.""I don't understand it. But it scares the h-e-double hockey sticks out of me."
2. "We are constantly innovating so that we're on the forefront of leading-edge technology.""Wow. That's way better than how we do it."
3. "We are always trying to be receptive to our customers' needs and concerns. We're always trying to make their experience better.""Mr. Chairman, we've got a ton of people with a ton of crypto-money who want to funnel it in here, if we just open the gates. If we don't open things up, it'll go somewhere else."
4. "JPMorgan wants to constantly evolve and innovate and to press forward into the future, assuming those things are duly regulated and guarded."Crap! Crap! Crap! Crap! Crap! We're too late! It's passing us by as we speak!"

Things to look for in the future...

  1. Jamie says Bitcoin is an interesting concept, but needs refining
  2. Jamie starts a committee to investigate Bitcoin, as long as regulation is commensurate
  3. JPMorgan announces they'll use blockchain tech, likely Ethereum, to enter the DeFi space
  4. JPMorgan announces that clients will be allowed to hold Bitcoin and ETH in their portfolio's...per their request, of course
  5. JPMorgan announces to shareholders that a small portion (maybe 0.5%) of corporate funds will be put into Bitcoin as a hedge against uncertainty..."in these challenging times." After all, to not do so would be irresponsible, don't cha know?
  6. JPMorgan goes in with billions

It's going to happen.

It's okay Jamie...this is written with love! You're on the high dive looking down. You can do it!

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:)

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