Warren Buffett thinks it’s a mirage and Jamie Dimon, the CEO of JP morgan stated “The question isn’t whether the bank accepts bitcoin, the question is do we even participate with people who facilitate bitcoin”.Could they be right? They could be. But it’s important to understand that experts opposing innovative technology is a very common thing and if you look through history, there have been countless times where experts didn’t quite get it right.
Below is a list of 8 examples where well known industry leaders and experts made their predictions and were dead wrong.
1) "The horse is here to stay but the automobile is only a novelty – a fad.” - President of the Michigan Savings Bank
2) “Who the hell wants to hear actors talk?" - H. M. Warner, Warner Brothers, 1927
3) "This 'telephone' has too many shortcomings to be seriously considered as a means of communication. - Western Union internal memo, 1876
4) “Rail travel at high speed is not possible because passengers, unable to breathe, would die of asphyxia. - Dr. Dionysys Larder, science writer and academic, 1828
5) "Remote shopping, while entirely feasible, will flop" - Time Magazine, 1966
6) “X-rays will prove to be a hoax” - Lord Kelvin, President of the Royal Society, 1883.
7) "I think there is a world market for maybe five computers." - Thomas Watson, Chairman of IBM, 1943
8) "Television won't be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night." - Darryl F. Zanuck, head of 20th Century-Fox, 1946
These eight experts didn't get it right but the purpose of this post isn't to make you not trust experts. The purpose of this post is to encourage you to seek out information for yourself and not allow your opinions to be formed soley based on the opinions of experts. This goes for experts who oppose technology and those who support it. Experts are human and as we know, humans make mistakes.
Before you make your opinion on a new technology, take the time to dive in and research everything for yourself. Read about those who support it and those who oppose it. And ask yourself, why does this person support/oppose it? Typically you will quickly find the motive that a person has for their beliefs towards a technology and often times, it will be because it has either a positive or negative impact on their current business models.
After all, with quotes like "Bitcoin developers will try and eat our lunch... and that’s fine. That’s called competition, and we’ll be competing.”, perhaps JP Morgan has reasons other than ethical concerns to oppose Bitcoin.
Brett Stapper was born in Lake Arrowhead, CA and is now based in San Diego. He describes himself as a serial entrepreneur, since the age of 16. Currently a federally registered Pro-Bitcoin Lobbyist and international speaker. He is co-founder and Director of Falcon Global Capital, the world's first Bitcoin Investment Fund to offer insured protection on Bitcoin assets.