Hello Steemians,
I want to share the latest update with you regarding JPMorgan's recent news on cryptocurrency. As you've all heard in the past that Jamie Dimon (CEO) called Bitcoin a "fraud," in the past couple of months. Although, the bank has still been heavily involved in buying and selling Bitcoin for their clients. JPMorgan has over 1500 employee's working in the block chain department. Until now, the tables have started to turn as the bank has started to take cryptocurrency more seriously.
In their annual report which was just released on Tuesday, February 27th, 2018 the bank stated that Bitcoin and Etherum are starting to heavily impact their business for the first time. The digital currencies could now be a threat as it could give the bank a run for its money.
These new technologies have required the company to invest in adapting or modifying its products in order to retain their current customers. Although, the increased competition may start to put pressure on prices and fee's. This can interfere with the company as they may lose market share.
On a positive note the bank has continued to show increasing appreciation of the potential and long term effects of adapting towards blockchain technology. Umar Farooq spearheads the blockchain department at JP Morgan and has a positive and enthusiastic outlook on the technology.
I personally heard Farooq speak at the Yahoo Finance All Markets Summit this past month as he verbalized, “It’s more than thriving. People have been surprised how quickly it basically spread as a way to address and think about customers differently."
After the conference the company released a 71-page research referred to as the “Bitcoin bible" as it explains the analysis and exploration of a broad spectrum of issues surrounding the dominant cryptocurrency. It' will be interesting to watch the second quarter of 2018!
Stay tuned
Elise Rosmarin
Full Article: http://fortune.com/2018/02/27/cryptocurrency-jp-morgan-risk/
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