J. P. Morgan in his annual report in the sub-chapter ” competition ” describes how kryptowaluty they threaten their actions
The report reads:
” Both financial institutions and their non-banking competitors face the risk that payment processing and other services may be disrupted by technologies such as kryptowaluty that do not require intermediaries and therefore fees by customers ”
The report reads that these new technologies, including of course Blockchain , may require from JPMorgan Chase spending more money to modify or adapt your products to attract and retain customers or to match the products and services offered to compete with this technology – the report does not describe how it should be done.
This competition can potentially ” put pressure on prices and fees for products and services JPMorgan Chase or it may cause you to lose market share by JPMorgan Chase ” what we can not allow.
Last week Bank of America (BOA) has published its annual report SEC which also included a mention of kryptowalutach as a threat to their activity and competition risk described in very similar categories to those presented by J. P Morgan.
” Widespread use of new technologies, including internet services . cryptocurrency and payment systems, may require significant expenditure to modify or adapt our existing products and services ”
President JP morgan Chase , Jamie Dimon he criticized very much Bitcoin in September 2017, when he called BTC ” fraud ” and threatened to dismiss every employee who exchanged the traditional currency for Bitcoin . Since that time Dimon he withdrew somewhat, saying at the World Economic Forum in Davos that he is not ” skeptic ” in kryptowalutach .
An alleged internal report at the beginning of February JP morgan Chase referred to cryptocurrency as ” innovative ” and ” unlikely to disappear ” and also stated that cryptocurrency it can be successfully used in areas of payment systems that are traditionally problematic or slow, such as cross-border payments.