Perhaps the biggest institutional problem kryptowaluty is JP morgan Chase . Guided by the relentless Jamie Dimona the company has been criticizing for a long time Bitcoin . Theories that have been circulating among people for a long time now are starting to check, the company’s internal report only confirms this
Partially fulfilling your trust deed, JP morgan Chase submitted an annual report for 2017, Form 10-K: Annual report pursuant to § 13 or 15 (d) of the Stock Exchange Act of 1934. It is an exhaustive document, which this year contained, however, an extraordinary insight into the institutional thinking of the largest American bank.
In the competition column, we read: ” The financial services industry is highly competitive and the results of operations JPMorgan Chase will suffer if it is not a strong and effective competitor. JPMorgan Chase operates in a highly competitive environment and expects that competition in the US and global financial services sector will continue to be intense ”
JP morgan Chase Fears : Kryptowaluty it’s destructive competition
Where the competition seemed the least likely, according to CEO Jamie Dimona she was in the area cryptocurrency such as Bitcoin . It is true that Dimon he punished those who were holding or selling Bitcoiny he called them from fools. Indeed, the very idea of claiming that Bitcoin he is a scam, he was good and even effective at certain times. We will continue to punish our employees who will benefit from cryptocurrency .
It seems that the annual report sheds new light on these issues. It contains a list of suspicious banks and institutions that can be a serious threat to the company.
A surge of money disturbed by technology
After a few sentences regarding the development of e-commerce, the report ended with the statement: ” This technology has also enabled financial institutions and other companies to provide electronic and online financial solutions, including electronic securities trading, payment processing and online investment advice based on automated algorithms. In addition, 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 mediation. New technologies are needed that may require from JPMorgan Chase release more to modify or adapt their products to attract and retain customers or to match products and services offered by their competitors, including technology companies ”
AND ” mediation ” is a talk about Wall Street for banks. Kryptowaluty they can have a final impact on ” downward pressure on prices and fees for products and services JPMorgan Chase or they may cause you to lose market share by JPMorgan Chase ” – revealed the report.
What practically means short and long term in relation to the bank and crypto, is any guesswork, but the above seems to give quite a few tips: ” Increased competition may also require from JPMorgan Chase make additional capital investments in your venture or to increase your equity on behalf of your clients to remain competitive. ” In other words, before he can defeat this technology, should simply join cryptocurrency so as not to lose the inflow of money ”