FARZAM EHSANI: Actually, Mr Dimon, money is no more 'real' than bitcoin
This is a force better harnessed than opposed
Dear Mr Dimon, A few days ago, you called bitcoin and cryptocurrencies a "fraud". You said bitcoin is "not a real thing" and that governments "would close it down". I understand your perspective, and, in fact, I shared a similar view a few years ago. Then I decided to look into bitcoin. To my surprise, I discovered one of the most beautiful and ingenious monetary systems known to humankind. I've realised that a lot of the confusion surrounding bitcoin comes from the lack of understanding of what money truly is. We use money every day but very rarely sit back and ask ourselves what it is and why it has value. Let's take the $100 bill. It's a piece of paper with some security features and a government stamp on it that costs 15.5c to produce. Yet we can exchange that piece of paper for things that take significantly more time and energy to create. Furthermore, the Federal Reserve also creates digital US dollars out of thin air to buy financial assets like government bonds and mortgage-...
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