- 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.”
Share
