J.P. Morgan considered cryptocurrencies the “innovative maelstrom” around Blockchain and claimed they are “unlikely to disappear” in what appears to be an internal report from the company, released Feb. 8, 2018.
In an excerpt from what is ostensibly the banking giant’s executive resume on cryptocurrency, the company looks optimistic on crypto’s future.
“Crypto is the face of the forward maelstrom around the Blockchain technology that is bringing both huge price variability and a constant trial-and-error of new product try-outs and failures,” accroding to the report.
Despite the report’s mixed tone, the difference from J.P. Morgan’s public position on cryptocurrency over the last 6 months is tangible.
In September, 2017 J.P. Morgan CEO J. Dimon became famed after he called Bitcoin a “fraud,” triggering the massive price variability the bank now cites as a “challenge” crypto assets face.
After this Dimon said he was “not going to talk about Bitcoin anymore,” while last month publicly disclosing he “regretted” making the cheating comments.
Performing at the World Economic Forum in January, 2018, Dimon absolutely disproved the idea that he was a “skeptic” on Bitcoin.
Meanwhile, the latest released report offers ideas as to how cryptocurrencies could be used most effectively.
“Cryptocurrencies are unlikely to disappear and could easily survive in varying forms and shapes among players who desire greater decentralization, peer-to-peer networks and anonymity, even as the latter is under threat,” the summary continues in a positive tendency.
“The underlying technology for CCs [cryptocurrencies] could have the greatest application in areas where current payment systems are slow, such as across borders, as payment, reward tokens or funding systems for other Blockchain innovations and the Internet of Things, as well as parts of the underground economy.”
Last week J.P. Morgan was one of several US banks to ban customers from buying cryptocurrency with credit cards.