What’s Going on With the Price of Bitcoin? [Fortune]
JP Morgan Chase & Co. (JPM)
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Source: Fortune
What’s going on with the price of bitcoin? Experts, speaking at Fortune ’s Most Powerful Women Next Gen summit in Laguna Niguel, Calif., on Wednesday afternoon, said don’t bother overthinking the cryptocurrency’s 80% drop in value this year. “Price is by and large a distraction,” said Kathleen Breitman, the CEO and co-founder of blockchain start-up Tezos, which raised $232 million in its much watched “initial coin offering” in July 2017. “I’ve seen a lot of ups and downs. I have a lot of conviction in the technology’s long-term promise,” she said, adding “I never check prices…prices are for smaller minds.” (Tezos’ current market value is roughly $252 million.) Christine Moy, the blockchain program lead at JP Morgan Chase, agreed. “What’s really important to note is we’re talking about the next generation of financial infrastructure. Technological progress takes time,” said Moy. “To look at a daily price of crypto is kind of a red herring. In reality, the value is what the
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