JPMorgan Chase Chief Executive Officer Jamie Dimon retreated last week from his contention that bitcoin is a fraud. Still, he told the Fox Business network that “Bitcoin to me was always what the governments are going to feel about bitcoin as it gets really big.” 1 Will governments smash cryptocurrencies, or will cryptocurrencies smash government monopolies on money? Neither extreme is likely. Thinking about intermediate outcomes helps choose which cryptocurrencies to back today. More….