JP Morgan Chase stands as the biggest archenemy for Bitcoin and the rest of the Crypto pack. The uncooperative, Mr Jamie Dimon has never left an opportunity to stand as an obstacle for the Virtual Coins. But reasons for his confinement have never been clear until now, as it seems like the phenomenal bank has reported in it’s annual report that it is insecure of fuelling decentralized, digital money and spoiling it’s own game.
JP Morgan Chase had documented it’s Annual Report for 2017 which mostly is a stake for the shareholders. 2018 saw the giant bank enlighten with further opinions of it’s leads. The bank has shown increasing concern as it stated, “ The financial services industry is highly competitive, and JPMorgan Chase’s results of operations 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 U.S. and global financial services industry will continue to be intense.”
This has come from the same man who had considered Bitcoin trading as “stupid” and that this whole digital business was a fraudulent activity. He had also dared his own employees to risk their jobs if they got engaged in cryptos. However, he has drawn back the line and almost apologized for all that he stated. Seems like he has all of a sudden remembered the golden rule, to not underestimate his rival.
The Annual Report declared the supposed banks and financial institutions which are it’s competitors and warns deliberately that JP Morgan Chase cannot really assure of the upcoming, obvious competition in the Financial Services to not affect the outcomes of the procedures.
The Report then concentrates on the advancements of electronic and online financial solutions that are provided by the companies which includes security trading, auto-investment advice and a few other. The concern lies in the idea of letting too much information on the internet and imposing further risks to confidentiality. This is more effective and true for Cryptocurrency as there lies no intermediary. The use of more advanced technological solutions has made or perhaps, pressurized JP Morgan Chase to invest in further modification of their own services in order to remain the worthy competitor that it is.
Cryptocurrency may put JP Morgan Chase in a tight corner and in all probabilities, it might lose market share. This increasing competition in the market implies that the company has to invest more capital in it’s business or provide more beneficial deals for the client, in order to stay in the market as a deserving competitor.