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  • Abra CEO, Bill Barhydt, likened private blockchains to private internet networks, saying that they are doomed to fail.
  • He also dismissed JP Morgan’s JPM Coin saying that it lacks economic merit.

Bill Barhydt, the CEO of Abra, a Bitcoin wallet and investment app, took shots at private blockchains and JP Morgan’s JPM Coin. Speaking during an episode of “Balancing the Ledger,” on Fortune, Barhydt said that public blockchains like Bitcoin have more utility and use-cases. He likened enterprise/private blockchains to private internet networks saying:

“It’s exactly what’s happening with this enterprise blockchain nonsense; where people have this fallacy that they’re going to make blockchain work inside the firewall. It’s all going to fail miserably.”

The Abra chief also criticized JPM Coin saying that it lacks economic merit. Barhydt stated that JPM Coin is more aking to “a ledger meant for settling trades” than a coin. He finished his assessment by saying that “if it really is a private blockchain and private coin, I’m guessing it’s a complete waste of time.”