The price of Bitcoin has been on a rollercoaster ride for years, but let’s face it, it’s a currency that is here to stay, as long as there is Blockchain. (Blockchain is a core component of Bitcoin).
James Dimon CEO of JP Morgan was recently interviewed. His comments (along with other market factors such as China’s un-determined regulations) caused a big dive in Bitcoin and other currency/token prices, almost overnight. Dimon’s thinking seems to take traditional state central banking theory and tries to apply it to Blockchain and they don’t go together. In a sweeping point, he said to separate Blockchain technology from the currencies that trade within the technology. Theoretically, separating Bitcoin from Blockchain is impossible. Blockchain is a core component of Bitcoin. Any of the Blockchain currencies ARE apart of the Blockchain technologies and have value. James Dimon’s perspective about Crypto-Currency is therefore flawed. Global currencies are tied to state banks and are driven by the health of each respective government. Blockchain is driven by the health of its technology not by governments.
If you embrace Blockchain technology and you see the viability of a future in a world of Blockchain for eating drinking, exchanging of goods and services, you must have a currency that works within that world. That world (so far) is not linked to central banks (IE Governments). We should not compare central banking systems and global currencies to Blockchain and its currencies. When governments try to control Blockchain initiatives, it flies in the face of Blockchain philosophy. So something like Bitcoin is driven by the health of Blockchain, not the health of state central banking systems, and the 185 or so currencies that are tied to those state central banks. Individuals that are trading within the Blockchain and Crypto-Currency world are not tethered by central bank rules. Bottom line, you can’t separate Bitcoin or any other viable Crypto-Currency from Blockchain; they are Blockchain technology.