jamie dimon

  • JPMorgan CEO Jamie Dimon said this week he regrets calling bitcoin a “fraud,” but he’s still not interested in the cryptocurrency.
  • Berkshire Hathaway CEO Warren Buffett said his firm has no interest in investing in cryptocurrency and thinks it “definitely will come to a bad ending.”
  • Meanwhile, Adam Ludwin, the cofounder and CEO of Chain, argues that while it’s easy to believe cryptocurrencies have no inherent value — or conversely, that they will disrupt banks and tech giants — neither extreme is true.
  • Ludwin says Bitcoin and other cryptocurrencies are an important new asset class enabling decentralized applications.
  • The probability of mass adoption may be small, but the impact would be very large, which Ludwin says justifies the high valuations.

This piece was originally published in October 2017 on Chain’s blog, after Jamie Dimon called bitcoin a fraud in September. Dimon has since said he regrets the comment, but maintained he is not interested in bitcoin.

Dear Jamie,

My name is Adam Ludwin and I run a company called Chain. I have been working in and around the cryptocurrency market for several years.

Last week you said a few things about Bitcoin:


It’s easy to believe cryptocurrencies have no inherent value. Or that governments will crush them.

It’s also becoming fashionable to believe the opposite: that they will disrupt banks, governments, and Silicon Valley giants once and for all.

Neither extreme is true.

The reality is nuanced and important. Which is why I’ve decided to write you this briefing note. I hope it helps you appreciate cryptocurrencies more deeply.

Let me start by stating that I believe: