Bitcoin Price a "Distraction," Say Tezos CEO & JPMorgan Blockchain Lead

Published on 13 December 2018 by Cryptovest Staff

The CEO of Tezos reminds the public that cryptocurrency prices are not a barometer of their success.

The wild price swings of the cryptocurrency market have led many to question whether there’s any value to digital coins. However, early adopters and developers measure the success of a coin using other metrics.

“Price is by and large a distraction. I’ve seen a lot of ups and downs. I have a lot of conviction in the technology’s long-term promise. I never check prices… prices are for smaller minds,” said Kathleen Breitman, CEO of Tezos, in a report by Fortune.

Metrics like BTC dominance, which hovered around the high 80s and low 90s for years until Ethereum stepped into the scene in 2017, help portray a paradigm shift in how the cryptocurrency market has evolved over time. Any other coin in the market to break 20% dominance did so only in January this year.

The pie is getting bigger, and more coins are bringing their own approaches to blockchain technology into the fray.

Christine Moy, blockchain program lead at JPMorgan Chase, agrees that price is unimportant when assessing the long-term success of a cryptocurrency.

“What’s really important to note is we’re talking about the next generation of financial infrastructure. Technological progress takes time. To look at a daily price of crypto is kind of a red herring. In reality, the value is what the technology rails can provide over time,” she said.

Moy revealed that JPMorgan continues to work on trying to find the optimal way to integrate blockchain technology into its systems as a potential tool for automating settlement services. She added that this is a “great opportunity.”

JPMorgan isn’t the only banking organization interested in blockchain technology. SWIFT recently rolled out a product that intends to compete with the bank’s project with the aim of reducing the error rate and delays in a large portion of bank settlements it oversees.