JPMorgan Admits Cryptocurrency Is a 'Risk' to its Business

[preshpr1nce]

Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future.

In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
...

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/

Interesting to see this, won't add much more, take a read

[avikz]

A lot more such comments will keep coming during this year. Jamie has already made it clear that they are seeing bitcoin and other crypto currencies as a threat to their business in 2017. They have called it fraud and bubble and many other negative things. After his first public address about bitcoin, he even managed to bring the price down up to 35%. But that didn't last long. After that, Jamie released such negative statements many times, but market never reacted. I am sure, nothing will happen this time as well regardless of what he says officially or unofficially. Crypto community learnt to ignore his foul thoughts.

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

[Red-Apple]

from the beginning of all this, they knew perfectly well that bitcoin is a big threat to their banking system so they took it very seriously from the start. that is why they sent their CEO to bash bitcoin over and over again in the media.
i am also almost sure that they are one of the biggest investors in bitcoin who have been accumulating bitcoin last year. so don't be surprised if you saw JP Mogan bank started offering some bitcoin related services....

[mast3rm1nd]

and guess what you greedy piece of s**t, cryptocurrencies will kill your business one day. you can fight and lobby against it all you want; but you'll never win in the long term. technology and the will of the people will prevail !!

[alyssa85]

Ethereum is more of a threat to JP Morgan than bitcoin. A regulated ICO platform would allow legit businesses to raise new capital easily without paying eye-watering fees to the likes of JP Morgan to create an Initial Public Offering (IPO).

The bulk of JP morgan's fees come from IPO fees, forex dealings and from investment banking fees. Ethereum takes the leg out of the first.

And then there is bitcoin, which means you don't need to bother with forex.

JP Morgan is looking at a shrunken future.

[Mandoy]

Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future.

In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
...

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/

Interesting to see this, won't add much more, take a read

This is very true. If somehow even  one of the cryptocurrency will succeed as a medium of exchange and will have a purchasing power both online and offline then surely the baking business will be very threatened. As of this moment though cryptocurrency is not widely used as a medium of exchange but many people are now making their cryptowallets as their banks rather than going to banks themselves. This is just a start but there is a long way to go since there are many flaws and risk in engaging in the cryptocurrency world.

[jtipt]

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.

[Davidbee]

Despite JPMorgan Chase CEO Jamie Dimon having called Bitcoin a “fraud,” the big bank is now taking cryptocurrency very seriously—acknowledging the blockchain-based technology as a veritable threat to its future.

In JPMorgan Chase’s annual report, released Tuesday afternoon, the bank counted cryptocurrencies such as Bitcoin and Ethereum as “risk factors” to its business for the first time, recognizing the digital currencies as new forms of competition that could, quite literally, give the bank a run for its money.
...

http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/

Interesting to see this, won't add much more, take a read

Yes, they acknowledge the impact of bitcoin on traditional Banks. Bitcoin is now accepted by many people, and when bitcoin is accepted by the world's countries, it affects the interests of traditional Banks, so they have been saying that bitcoin is a hoax.

[preshpr1nce]

The reason I posted this is more so to show the stupidity of JPMorgan as a company, in under a year they've gone from calling it a fraud to admitting the risk and even creating their own coin being Quorum, to me this is the complete opposite of FUD, when you have a company as big as JP seeing a threat and trying to jump on board, it can only be seen as a positive, competition creates fear, I would be more interested in investing in something competitors view as a threat myself.

[zxl912157]

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.

You may lose trust in him, I understand the above article as a new thinking that is able to change the face of the banking world.
Blockchain at this time may be a threat but a time of threat can be a useful. and the new World will be present in sight.

[bug.lady]

And this may be another side of ICO regulation - one side is to eliminate scammers from ICO space, and it is undoubtly positive, but the other side is to enable regulators and appointed entities (banks?) to take some share of ICO profits. Well, we'll see.

[BTCLovingDude]

Ethereum is more of a threat to JP Morgan than bitcoin. A regulated ICO platform would allow legit businesses to raise new capital easily without paying eye-watering fees to the likes of JP Morgan to create an Initial Public Offering (IPO).

The bulk of JP morgan's fees come from IPO fees, forex dealings and from investment banking fees. Ethereum takes the leg out of the first.

And then there is bitcoin, which means you don't need to bother with forex.

JP Morgan is looking at a shrunken future.

since bitcoin will soon have smart contracts for free then if these shitty ICOs are the real threat to them then bitcoin will be a much bigger threat to them. specially since there will be no fees for smart contracts using RSK on bitcoin!

additionally i disagree that it will shrink their future. you say they earn money from forex dealings,... then there is nothing stopping them from entering bitcoin markets and make the same fees there....

[lenj]

from the beginning of all this, they knew perfectly well that bitcoin is a big threat to their banking system so they took it very seriously from the start. that is why they sent their CEO to bash bitcoin over and over again in the media.
i am also almost sure that they are one of the biggest investors in bitcoin who have been accumulating bitcoin last year. so don't be surprised if you saw JP Mogan bank started offering some bitcoin related services....

I dont surprise too if its happen. If its really happen, its very good for growing of bitcoin specially and crypto for generally.
I will support any kind of similar action by big supporter like this to make bitcoin grow and grow.

[12tribes]

Sure, any true financial giant will simply be amazed at the potentials and benefits the cryptocurrency world is introducing........
Listen folks the benefits are huge and the profit endless. It is a source of asset and credit for the financial prudent.

[Tapyaks72]

A lot more such comments will keep coming during this year. Jamie has already made it clear that they are seeing bitcoin and other crypto currencies as a threat to their business in 2017. They have called it fraud and bubble and many other negative things. After his first public address about bitcoin, he even managed to bring the price down up to 35%. But that didn't last long. After that, Jamie released such negative statements many times, but market never reacted. I am sure, nothing will happen this time as well regardless of what he says officially or unofficially. Crypto community learnt to ignore his foul thoughts.

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

You are are correct mate ,JP Morgan Chase CEO president make it clear financial institution feel the treat of crypto currency in their business they might be afraid that some of their investors and clients would think that crypto currency has a better future now a days and someday it will become one of their competitors because they had witness how fast it proliferate .

[erickkyut]

Cryptocurrency is the mortal enemy of the banks. They are threatened because if the cryptocurrency will be highly accepted worldwide, they will surely lose their clients and they will shift to investing in the crypto industry. That is one of the reasons the banking community are spreading negative news about Bitcoin and altcoins. They are afraid that Bitcoin will overcome the fiat system in the future.

[1Referee]

and guess what you greedy piece of s**t, cryptocurrencies will kill your business one day.

No matter how much I would love to see that become reality, I unfortunately have to remain realistic and say that it won't happen. To be more precise, crypto shouldn't and doesn't need to 'kill' banks - banks just need to adapt to the situation and allow crypto to be part of their core business, which eventually will happen, but it takes time for them to admit their importance at this stage. Crypto is an entirely new asset class, with the potential to surpass the traditional assets eventually, which is a bitter pill to swallow for them at this point, because a lot of their activities revolves around traditional assets. To add; the more economical adoption there is for Bitcoin, the more utility value it will have, which is something we should be happy with, because we definitely need to lower the speculative aspect, and make the actual usage aspect pop out more. Less speculation = more stable price = more incentive for people to actually use Bitcoin.

[YuginKadoya]

This man jaime dimon had done it again, After he calls bitcoin a fraud do we ever thing he will spout a good and positive feed back about bitcoin because the truth is he wants to manipulate the value again by saying nonsense things in the internet, Let's just say that there are things that are harmful to banks, And bitcoin might be one of them but I think There are still good things bitcoin can be done about the banks.

[Pan Troglodytes]

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.

Well they are one of the most powerful and influential people, you know. The laws throughout the world are created according to their wishes and they don't need any credibility in the eyes of average people. They just want to squeeze money out of everybody and everything and they will adapt to this new situation if they were not the ones who created it in the first place.

If they say something then there is some hidden motive behind it. You shouldn't assume that those people are dumb and just blabbing around.

[preshpr1nce]

So a "lol" is an appropriate reaction to this statement of JPM chief Jamie.

Who even cares about him or JPMorgan Chase Co. They are switching sides on the bitcoin matter a lot. No one gives a shit about what they say anymore in the matter of cryptocurrency, they have lost their credibility in my eyes.

Well they are one of the most powerful and influential people, you know. The laws throughout the world are created according to their wishes and they don't need any credibility in the eyes of average people. They just want to squeeze money out of everybody and everything and they will adapt to this new situation if they were not the ones who created it in the first place.

If they say something then there is some hidden motive behind it. You shouldn't assume that those people are dumb and just blabbing around.

You make a good point, I think blockchain is the grand deception.
In the past we've had a few attempts to convince the masses we need a one world currency, it's always been resisted heavily.
We now have a concept which the same people who say f*ck the bankers are adopting as they view it as free, open and what not, just like the federal reserve, prior to it's existence you had serious resistance to a privately owned reserve, the "federal" reserve was the grand deception in those days and it worked wonders, even today if you asked 10 Americans who owns the federal reserve, most would say the government, same applies in most countries with private reserves.
Not saying it will be bitcoin but I believe the global currency will be on the blockchain.

To deceive people you have to play along, "it's a scam, it's a fraud" and what not, once it's gained enough traction you change your game plan a little, we're seeing this now with things like "it's a threat" from JP and "it's incredible useful" from goldman sachs, after the biggest correction and during such a fearful time, wouldn't they be saying "we told you so!" instead? yet we're starting to see the opposite.

Here's a 30 year old pictures from the economist, notice the 2018 on the coin.