“Finally, a bullish article in the MSM on Bitcoin, and not some detrimental BS about corruption etc etc etc. Easily, one of theee best articles, I have read in the last few years following BTC, great job Chamath! (However, I would add the MF Global & PFG ‘Best’ scandals, to the mix, as well!) ” – Derek N.
30 May 2013 | Chamath Palihapitiya | Bloomberg.com
The weeks of speculation about whether JPMorgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon would be forced to give up one of his titles has ended. I didn’t take a side in the battle, if only because I couldn’t get beyond the threshold questions: “Why does anyone even care, and why do we believe we are still beholden to people like this?”
Since the 2008 financial crisis, we have seen a massive decline in trust in the financial services industry: Lehman Brother, Bear Stearns, American International Group, the “London Whale,” Cyprus and a host of lesser scandals have prompted consumers to say one thing loud and clear: “I don’t trust you.” Or “You’re only in it for yourself.” Or “Who made you king?” Or some very reasonable variant thereof. It seems the financial services industry’s best response is, “Trust me, I went to Harvard Business School.”
The point is that this fundamental trust no longer exists; in its place, rises Bitcoin.
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