, Columnist
Digital Currencies Won't Kill the Dollar
But they could still change the world.
Accelerating inflation?
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Jamie Dimon, the CEO of JPMorgan Chase & Co., recently slammed bitcoin in no uncertain terms: It “won’t end well,” he said, calling the cryptocurrency a “fraud” and “worse than tulip bulbs.”
Is Dimon right? It depends. In at least two important ways, bitcoin and other cryptocurrencies will probably fail to achieve the dreams of their creators and enthusiasts. They are unlikely to usher in a hard-money revolution, and are also unlikely to supplant national fiat currencies as the standard means of payment. But that doesn’t mean they won’t change the world.