JPMorgan Chaseis the biggest bank in America. It is odd the way that someone like Jamie Dimon who has presided over this empire for so long, can be so foolishly opposed to an idea.

A bank is in the business of managing the movement of money but the more important function that banks perform is managing the credit cycle that leads to the multiplier effect. Bitcoin is simply not in that same business and has nothing against the work that banks do.

This is also the reason that a lot of these institutions are now gradually starting to accept that Bitcoin is here to stay. Yes, there is a need to dissuade bad players but that a law and order issue which is definitely not exclusive of Bitcoin. Instead of rallying against bitcoin in such stupid manner Jamie should use his clout and the enormous resources to find a way to better integrate bitcoin into his services.

His opposition is almost like a hatred, an emotional stance, rather than a well-thought out, rational one.