JP Morgan Internal Report: Cryptocurrency “unlikely to disappear”

nRunaway Comment: The remarks that JP Morgan Chase u0026 Co. previously accused of bitcoin as “fraudulent” have set the tone for the company’s open stance on cryptocurrencies. But lately, the financial giant’s attitude toward cryptocurrency seems to have eased. According to an internal report it released on February 8, JP Morgan believes that cryptocurrencies have the potential and are unlikely to disappear. However, given the rapidly changing new market, the attitudes of these big companies will still change over time.n
nTranslation: Inan
In an internal copy of JP Morgan’s February 8, 2018 report, the company said cryptocurrencies were “a whirlwind of innovation” around the blockchain and were “unlikely to disappear.”n
Judging by the company’s executive summary of cryptocurrencies, JP Morgan appears to be more bullish on the future of cryptocurrencies.n
The report states: “Cryptocurrency is a whirlwind of innovation that surrounds blockchain technology, creating tremendous price volatility and continual trial of new products.”n
Although the report’s argument is not clear, its clear public stance on cryptocurrencies over the past six months is obviously different.n
In September 2017, JPMorgan Chase chief executive Jamie Dimon called Bitcoin a “fraud,” triggering significant price swings in the market, the “challenge” the bank now claims to encrypt its assets.n
Dimon later called him “no more about bitcoin,” but made “fraudulent” comments publicly last month after publicly “regretting.”n
At the January 2018 World Economic Forum, Dimon simply dismissed his account of Bitcoin as a “skeptic” when interviewed by Cointelegraph.n
The report also provided ideas on how to use cryptocurrencies most effectively.n
n”Cryptocurrencies are less likely to disappear and can easily exist in different forms for users who crave stronger decentralization, peer-to-peer networking and anonymity.”n
nThe report concludes with a positive attitude:n
n”Fundamentals of cryptocurrency can play a major role in the current slow-moving areas of payment systems (such as cross-border operations) and can be used as a payment method, reward tokens, blockchain innovation and IoT financing systems as well as underground economics Part of it. “n
nHowever, just last week, JP Morgan Chase has joined the ranks of Bank of America, prohibiting its customers to use credit cards to buy cryptocurrencies.n

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