Whenever bitcoin comes up in conversation, like many otherwise educated people, I say the same thing: “I doubt its viability as a currency, but the blockchain technology might be a game changer.” I reckon this is the go-to line for everyone who wants to seem smart but doesn’t understand Bitcoin. Take, for example, JP Morgan CEO Jamie Dimon.

Today (Jan. 9) he told Maria Bartiromo of Fox Business he took back his statement from September that bitcoin is a fraud that would end in tears.

“The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people,” he said. “I’m not interested that much in the subject at all.” Payments, the business of global wire transfers, credit-card processing etc., is big business for commercial banking.

The blockchain technology could disrupt the industry. JP Morgan’s 2013 Annual report sounds terrified, expressing the hope that the bank’s sheer size will save it: Payments.

While this topic does keep us up at night due to the talent and innovation of the competition that would love to make us obsolete, we should point out that JPMorgan Chase is one of the biggest payment companies in the world (across credit cards, merchant payments, global wire transfers, etc.). We are even one of the biggest mobile payment companies. Read more from qz.com…

thumbnail courtesy of qz.com