JPMorgan Chase Officially Admits Bitcoin Can Destroy Banks

JPMorgan Chase Officially Admits Bitcoin Can Destroy Banks

It’s official. JPMorgan Chase, the largest US lender, has admitted that cyber money as well as peer-to-peer tech trend, could destroy traditional financial institutions.

Some days earlier, the Bank of America acknowledged that it might not be able to adjust to new realities in case bitcoin becomes more and more popular. So, as we can see, what various experts predicted some even years ago, might be true.

JPMorgan Frightened by Bitcoin?

In an annual report, released on February 27, JPMorgan Chase made a revolutionary statement. In the file, aimed at the US Securities and Exchange Commission (SEC), the bank named digital coins and DLT (blockchain in particular) as phenomena that have all the chances to disrupt the life of banks.

The list of “dormant” bank destroyers can put lots of banking services in danger, according to the report. For example, the processing of payments is the first to be jeopardized by crypto assets.

Therefore, as it is written further, financial establishments and other non-banking rivals, including JPMorgan itself, will have to plan their budgets in a way that they will have funds to work on their products and services and to be able to withstand the popularity of cryptos.

This probably means that banks might start to develop services which can compete with options that virtual money offers and gain the attention of their clients back.

Jamie Approves

It is noteworthy that the 301-gape document has been signed by JPMorgan executive Jamie Dimon, who has been known for criticizing bitcoin. Last year September he even called this technology a “fraud.” He even threatened his colleagues, prohibiting them to trade cryptos at work. However, later he accepted being wrong and said that the “blockchain is real.”

By the way, as per recent assessments, JPMorgan currently manages $2.53 trillion in assets.

Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the...
Nasdaq CEO Believes Cryptos Have Place in Future in Economy
Almost two months ago Nasdaq’s representative Joseph Christinat confirmed the rumours that in 2019 the American stock exchange might launch BTC...
Report: Leaders of South Korean Crypto Exchange Komid Face Jail After Fraud
This week the Asian crypto-market has been rich in the news. Earlier it was reported that Japan finally approved Coincheck’s official status as cyber...
Crypto-Expert Brian Kelly Says 2019 Will Bring No Approval to BTC ETF
For the past year, various ETF-projects have been failing to receive the green light from American regulators. And despite the bullish ambitions of...
Ethereum Classic 51% Attacker Reportedly Returned $100,000 to Exchange
Cyber money exchange Gate.io has informed the general public about the return of previously stolen $100,000 worth Ethereum Classic units. According...
Approved Coincheck & Scrutiny on DLT: Japan and China Move in Different Directions
Asian countries seem to go in different directions when it comes to the regulation of cryptos and blockchain. Two Asian tigers — Japan and China...
Tokenized Shares of Apple, Tesla and Netflix to be on Crypto-Exchange
A new trading platform will soon be launched by an Estonian regulated exchange DX.Exchange. The company will mock the mechanisms that the American...
Samsung Wants to Get UK Cyber-Money Wallet Trademark
Samsung seems to be leaping on a virtual money bandwagon as it has applied for the crypto-wallet trademark in the UK. The act follows the rumours...