JPMorgan - the largest bank in the United States has publicly stated that cryptocurrencies and blockchain technology could disrupt the established banking system.
JPMorgan addressed the issue in its annual report with the U.S. Securities and Exchange Commission (SEC). JPMorgan’s report was filed on February 27 and is over 300 pages long. Deep in the document, the firm admits that cryptocurrencies and peer-to-peer technology have the potential to disrupt the current mainstream financial institutions and payment processors.
“Furthermore, both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.”
This is forcing a bank that manages around $2.53 trillion worth of different assets to adapt in order to keep the desired market share.
“New technologies have required and could require JPMorgan Chase to spend more to modify or adapt its products to attract and retain clients and customers or to match products and services offered by its competitors, including technology companies."
Jamie Dimon, CEO at JPMorgan, called Bitcoin a fraud back in September 2017 and threatened to fire any employees caught trading cryptocurrencies. I