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Abstract
Bitcoin and its enabling technology, the blockchain, are front and center in discussions of the future of finance and “fintech.” This essay argues that Bitcoin is a special case and a weak analogy for future applications of blockchain technology. Adoption will grow, and applications will spread, but the nature of the technology and of the financial markets suggest that instead of being disruptive to major incumbent institutions, blockchain-based innovation will tend to strengthen existing market participants, serving more to lower costs than to encourage new entrants or new business methods.
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