JPMorgan Admits Cryptocurrencies Could Disrupt Banks

JPMorgan Chase, the largest bank in the US which manages $2.53 trillion in assets, has formally acknowledged that cryptocurrencies and blockchain technology could disrupt banks. In its annual report  which was  filed with the US Securities and Exchange Commission (SEC), JPMorgan listed cryptocurrencies and peer-to-peer technology as potential disruptors to financial institutions and payment processors.

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And the report was signed by its CEO, known as a Bitcoin skeptic, who is marking cryptocurrency as a fraud. What a surprise. 

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This guy even threatened to fire employees caught trading cryptoassets. Very bold. 

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Blockchain tech is definitely more efficient and cost effective model compared to the existing banking legacy systems. 

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They are just whining because they have to adapt its products to attract and remain clients. Adapt or perish. 

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They are not  the only one having problems with crypto. Bank of America admitted the same few days ago and Goldman Sachs also listed cryptocurrency as a business risk. Their stakes are losing the value. Crypto has shaken the ground  under their feet. 

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Right, but they're backing Circle, which just acquired a crypto trading platform and is preparing to take on Coinbase and Kraken.... 

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