Bitcoin promised to open up the current financial system but blockchains run by top-tier banks would be the opposite of that libertarian dream.

Mainstream finance's recent declaration of love for blockchain technology has given rise to a fierce debate in crypto-circles. While financial institutions are interested in bitcoin's underlying technology, most are quick to point out that they still want nothing to do with the virtual currency itself. "It's not about bitcoin, it's about the underlying technology," has become a common compliance-friendly refrain in finance.