At a World Financial Discussion board occasion on Wednesday, JPMorgan Chase CEO Jamie Dimon lobbed one other criticism at Bitcoin (CRYPTO: BTC). Discussing the utility of the market-leading cryptocurrency, Dimon mentioned, “I name it the Pet Rock.”
The remark was a reference to the short-lived Pet Rock fad that took off for a transient second within the Nineteen Seventies and made its creator a millionaire. It concerned promoting shoppers a rock for $4 every that got here in a customized cardboard field full with air flow holes (as if it had been a reside animal). You’d most likely have a exhausting time promoting leftover rock stock nowadays (besides possibly to a few memorabilia collectors).
However whereas Dimon stays extremely skeptical concerning the utility and worth of Bitcoin, he does see compelling use instances for blockchain applied sciences. If the billionaire financial institution CEO is correct, one other high cryptocurrency might be a higher purchase.
Dimon is extra optimistic about good contracts
Dimon just lately mentioned that he is fed up with speaking about Bitcoin and does not plan to touch upon it going ahead. Then again, the famously profitable cash man does see promise in smart contracts enabled by blockchain applied sciences.
Proper now, the main community for working good contracts is Ethereum (CRYPTO: ETH). The community’s Ether token might see robust pricing tailwinds if demand for contracts which are documented with an immutable digital ledger and shortly resolved with cryptocurrency tokens takes off.
Talking on the significance of utility in shaping valuations within the cryptocurrency house, Dimon had this to say: “There’s a cryptocurrency which could truly do one thing. You should use it to purchase and promote actual property and transfer knowledge — tokenizing issues that you just do one thing with.”
Ethereum is not the one blockchain community that provides the flexibility to construct and create good contracts, however it’s the clear market chief within the house. Its cryptocurrency has risen 61% over the past 12 months. The token now has a market capitalization of roughly $295.5 billion, trailing behind solely Bitcoin — which has an roughly $813 billion market cap.
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JPMorgan Chase is an promoting companion of The Ascent, a Motley Idiot firm. Keith Noonan has no place in any of the shares talked about. The Motley Idiot has positions in and recommends Bitcoin, Ethereum, and JPMorgan Chase. The Motley Idiot has a disclosure policy.
Billionaire Jamie Dimon Refers to Bitcoin as a “Pet Rock,” Saying It “Does Nothing.” Here’s 1 Crypto Use That He Thinks Could Be Worth It. was initially printed by The Motley Idiot