• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

JP Morgan Chase: Cryptocurrency a Threat to its Own Services

newsbtc by newsbtc
3 years ago
in
Reading Time: 2min read
JP Morgan Chase
Advertisement

JP Morgan’s CEO has been backpedaling on calling Bitcoin a fraud for months now but he has stuck to the line that no government (especially the US) will allow cryptocurrency to exist on a large scale. A new report shows though that JP Morgan is very aware of the ‘risk’ cryptocurrency puts on its own services and how they are dealing with it.

A Risky Future

In its annual report released on Tuesday, JP Morgan recognized that cryptocurrencies such as Bitcoin and Ethereum are potential competition to the bank’s own services that could potentially take money from their very deep pockets.

CEO Jamie Dimon has been on record deriding the risk of cryptocurrency to fiat institutions for a long time. He has also publicly recognized that the underlying blockchain technology will most likely be implemented to move currency but has added, that the currency would be dollars, not Bitcoin.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The report released on Tuesday details ways in which the bank has had to change its practices in order to compete with the new technologies in order to retain customers. Payment processing and other currency transfer services were highlighted by the report as being especially susceptible to technologies like cryptocurrency that require no inter-mediation.

“Ongoing or increased competition may put downward pressure on prices and fees for JPMorgan Chase’s products and services or may cause JPMorgan Chase to lose market share,”

JP Morgan’s annual report.

JP Morgan isn’t the only major financial institution in the US to come around to the ‘threat of cryptocurrency’. In their own report, last week Bank of America recognized the risk of losing their own customers to competitors offering products “in areas we deem speculative or risky, such as cryptocurrencies.”

The Bitcoin Bible

This reported recognition by JP Morgan doesn’t come as much of a surprise to those who have read the 71-page research report released more than a week and a half ago that some have dubbed the ‘Bitcoin Bible’. The report gives a thorough analysis of multiple cryptocurrency issues the banking industry faces. This includes assessing the banks own crypto and blockchain based ventures.

That report concluded that “Opportunities for banks to utilize blockchain technologies for conducting business could have far-reaching implications for the sector.”

In actuality, JP Morgan has been one of the first major financial institutions to recognize and adapt to the reality of cryptocurrency. As well as one of the first to implement its own Ethereum based blockchain.

Earlier this month Umar Farook, JP Morgan Chase’s head of blockchain initiatives, gave a glimpse into how serious the bank was taking new technology speaking at Yahoo Finance All Markets Summit in New York. “It’s more than thriving. People have been surprised how quickly it basically spread as a way to address and think about customers differently. It’s quite insane.” He said.

Tags: bankingbitcoinblockchain cryptocurrencychaseJP MorganMorganthreat to banks
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Ethereum

TA: Ethereum Outperforms Bitcoin, Why Bulls Could Aim $2,500 or Higher

4 hours ago
Bitcoin

TA: Bitcoin Trims Gains, But Here’s How BTC Could Rise Again

6 hours ago
bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

8 hours ago
Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

9 hours ago
Stellar Lumens XLM XLMUSDT

How Stellar’s Growth In Q1 2021 Could Foster Further Adoption

12 hours ago
Ripple XRPUSDT

This Is What Gensler’s Confirmation Could Mean For XRP

13 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Crypto Exchange Platform AAX Reveals HKD, SDG, and GBP as the Top Three Fiat Currencies Deposited In April

April 14, 2021

Polkadex IDO Launches On Polkastarter on the 16th of April

April 13, 2021

Fast-Growing Exchange Bityard to Launch Its First Contest for Global Traders

April 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.