Jamie Dimon Should Do ‘Some Homework’ on Crypto, Says Blockchain Capital VC

Jamie Dimon should do ‘some homework’ on crypto, says Blockchain Capital VC

  • Bart Stephens is the co-founder and managing partner of Blockchain Capital, the oldest and most active venture capital firm dedicated to blockchain technology and the cryptocurrency ecosystem.
  • “We’re not betting on the price of Bitcoin, we’re betting on the adoption of blockchain technology,” Stephens says.
  • While Jamie Dimon was making those comments, I was an invited speaker at JP Morgan’s offices in San Francisco to give a talk with other fund managers and clients of JP Morgan who are really curious about cryptocurrencies and the underlying blockchain technology.
  • But I would note that for every negative Jamie Dimon, I could point you to two positive Wall Street CEOs like Lloyd Blankfein at Goldman Sachs and Abigail Johnson at Fidelity, who are making constructive comments on both cryptocurrency and the blockchain.
  • There’s a deafening silence coming from Sand Hill Road when it comes to blockchain technology, cryptocurrencies, and certainly ICO technologies.

Jamie Dimon Should Do ‘Some Homework’ on Crypto, Says Blockchain Capital VC

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Bart Stephens is the co-founder and managing partner of Blockchain Capital, the oldest and most active venture capital firm dedicated to blockchain technology and the cryptocurrency ecosystem. Its portfolio includes Coinbase, Ripple, and Abra. “We’re not betting on the price of Bitcoin, we’re betting on the adoption of blockchain technology,” Stephens says.

Oh, and he was one of the crypto panelists at J.P. Morgan’s SF offices while Jamie Dimon was bashing Bitcoin.

Below is a pretty frank and in-depth chat about cryptocurrency and the blockchain.

TERM SHEET: What do you think is one of the biggest misconceptions about cryptocurrency or the blockchain right now?

STEPHENS: The blockchain and cryptocurrencies have elicited an emotional response from financial incumbents. The technology is controversial and misunderstood, but that doesn’t make it any less real. I would encourage Jamie Dimon and others to do some homework first. It is not a fraud. It is not a Ponzi scheme. It’s a robust technology that is going to impact multiple industries in an additive way. Don’t discount it.

For too long, Silicon Valley has ignored the tsunami. Many of my friends who are at generalist VC firms dismiss this stuff out of hand because they’re not spending the time to…

Jamie Dimon Should Do ‘Some Homework’ on Crypto, Says Blockchain Capital VC