A quarterly report by Bank of America and JP Morgan shows they need bitcoin

nRunaway Comment: JPMorgan CEO Jamie Dimon has been making objections to Bitcoin since commenting on Bitcoin as a fraudulent asset in September of this year, and even claimed that anyone buying bitcoin was stupid. But at a recent investor conference in New York, JPMorgan and Bank of America reported quarterly earnings but showed a 15% drop in trading revenue for the quarter from a year earlier. This fully underscores Bitcoin’s role in these two traditional financial institutions.n
nTranslation: Clovern
If you want the cryptocurrency world to list the least liked 5 people in 2017, then one name will be on the list – Jamie Dimon.n
JP Morgan Chase bossn
Most readers may already be familiar with Dimon. But for those unfamiliar with his readers, he is the one who has long claimed Bitcoin as a fraudulent asset and believes that soaring Bitcoin prices this year have been a bubble and will inevitably erupt in the short term. At the same time, he is chairman, president and chief executive of JP Morgan, the largest of the four largest banks in the United States.n
In September, he made the comments above, doubling his opposition to bitcoin after that, stating that anyone who buys bitcoin is stupid.n
Book profitn
Fast forward to today’s investor conference in New York, JP Morgan Chase and Bank of America have just released quarterly earnings figures, and from these figures, it seems that they still need some bitcoin’s help.n
Brian Moynihan, chief executive of Bank of America, and Marianne Lake, chief financial officer of JPMorgan Chase u0026 Co. said in the report that transaction revenue so far for the quarter so far has dropped 15% from 2016 levels. Transaction income is the income generated by these companies in the financial markets when buying and selling various assets (stocks, bonds, currencies, etc.).n

When more deals occur, revenues increase, and more moves need to be swamped. The lower volatility of traditional financial assets during the third quarter of this year (due to a lack of major geopolitical events, unexpected economic data, etc.) led to a decline in revenue as reported by JP Morgan and Bank of America executives.n
Obvious solutionn
Of course, there is one thing that could dramatically increase the degree of volatility experienced by these companies’ trading floors in the third quarter of 2017, which is cryptocurrency.n
As we have reported, JP Morgan Chase recently reversed its view and compared bitcoin with gold. Recent reports suggest that the lack of volatility translates into a reduction in transaction revenue (and this is to a large extent due to the banks expanding their book profits), plus bitcoin may actually be a reasonable value store (especially at Risk-averse environment), it is likely to have a negative impact on Dimon and their top executives in the traditional US financial industry.n

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