This one may go longer than 12 rounds. Craig Wright claims he holds the patent for what JPM plans to do and tweets "Have a nice life". Patent 32 states " The invention relates to a technique for implementing, controlling and automating a task or process on a blockchain such 00 as, but not limited to, the Bitcoin blockchian. The invention is particularly suited for, but not limited to, automated execution of contracts 00 such as smart contracts for financial agreements."
On February 14th, JP Morgan announced the introduction of JPM Coin which is the first digital asset launched by a US Bank and backed by the US Dollar. There are many articles stating that this new "coin" will be the end of other popular digital assets, which in my opinion, couldn't further from the truth.
Let's look at the coin and the people behind it. JP Morgan's Jamie Dimon, chairman and CEO of JPMorgan, stated in 2017 that "bitcoin is a fraud", in 2018 he said "I regret saying that" and now in 2019 he announces their own digital asset. Behind closed doors, these bankers and institutions have been buying every dip and getting ready for the flood gates to open.
The JPMCoin itself really has no use outside of JPMorgan bank. It is more like an intranet rather than an internet. In simplicity, it is just a digital form of US dollars. Fiat was digitized decades ago, JPMCoin is just another form of an IOU but, in this case, on blockchain. The JPMCoin is a highly regulated stable coin, centralized, has an infinite supply, zero intrinsic value and limited use.
Forget the FUD and look at facts. The main stream media will bash digital assets until they have skin in the game. The bear market of 2018 continues and so does the building of regulation and infrastructure worldwide. Once everything is in place the banks and media will be the biggest, loudest cheerleaders for this market. The banks are coming, are you ready?
Grab some popcorn and sit back. Craig Wrights claim will not be swept under the rug. JPMorgan may have some hoops to jump through before they can move forward with their new crypto-currency. These are exciting times we live in and I love a good fight.