According to Frank Holmes, who is the head of top advisory firm U.S. Global Investors and recently appointed as the Chairman of the first publicly traded blockchain mining company Hive Blockchain Technologies, blockchain stands to completely uproot the entire banking sector. Holmes highlights that, while Dimon is talking about Bitcoin being a fraud, large bank consortiums in South Korea, Japan and even here in the United States are exploring how the technology can improve their businesses and keep them competitive as this emerging technology takes hold globally:
Jamie Dimon’s comments surprised me… Bitcoin has woken up the significance of blockchain technology… and Ethereum comes along with smart contracts on the blockchain… and this is so significant because this is basically going to uberize banking… it’s going to be such a big benefit that the major banks are all spending billions of dollars to get into blockchain…
So for him to go and say that was really shocking to me.
His full interview with SGT Report follows:
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