Pass it forward

New York( CNN Business) JPMorgan Chase boss Jamie Dimon famously bashed bitcoin as a “fraud” that global governments would “crush.” Less than two years afterwards, Dimon is propagandizing his corporation headfirst into the crypto cavity.

The debut of JPM Coin, which unlike bitcoin is equivalent to the Billion dollars, highlights the potential long-term threat blockchain constitutes to traditional monetary participates. The acceleration and security offered by blockchain prepares the pay space ripe for spectacular disruption.

“JPMorgan and the other big banks have no choice but to go down this path, ” said Ed Yardeni, the onetime manager economist at Deutsche Bank who now contributes Yardeni Research. “If JPMorgan doesn’t do it, someone else will.”