JPMorgan is acknowledging that Bitcoin is here to stay and that regulation cannot make it disappear. It would still survive in “varying forms and shapes,” as said in the report.
The underlying technology for cryptocurrencies could have the greatest application in areas where current payments systems are slow, such as across borders, as payment, reward tokens or funding systems.
JPMorgan acknowledges the problems with our current payment systems and says Bitcoin could have a great use in these situations.
This report gives institutional investors trust in Bitcoin. Right now, a majority of Bitcoin investors are retail investors. Now that a major institutional bank has supported Bitcoin, expect a flood of bigger players into the market, perhaps even JPMorgan itself.
This also opens up a new era in crypto-currency. Banks are starting to realize they don’t have to be Bitcoin’s enemy, and they are starting to reevaluate their stance on Bitcoin.
JP Morgan is acknowledging that Bitcoin is here to stay and that regulation cannot make it disappear. It's a new era in crypto-currency.
Banks are starting to realize they don’t have to be Bitcoin’s enemy, and they are starting to reevaluate their stance on Bitcoin.
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