JPMorgan, Bundesbank Accept Their Need To ‘Get With The Times’, Welcome The Crypto Revolution
- Ever since Bitcoin scaled up to a price point of around $20k a couple of years back, a number of traditional banks have slandered the flagship crypto asset — calling it a ‘passing fad’.
- However, since 2017, a number of big name players such as JP Morgan, Goldman Sachs, Fidelity have entered this burgeoning space and are now making use of this novel asset class.
As the time to release their Q2 revenue totals draws nearer with each passing day, established financial institutions like JP Morgan and Wells Fargo are beginning to realize that they can no longer ignore the growing clout of the crypto industry. For example, in a recent statement released by the German Central Bank (Bundesbank), a spokesperson for the organization pointed out that the digital revolution set in motion by crypto offerings such as Bitcoin, Ethereum is ‘here to stay’.
On the subject, he then went on to say:
“We are not talking about “evolution”, about banking adapting to the wants and needs of a digital generation. We are talking about a true “disruption” that may change the financial sector for good.”
Lastly, It is worth pointing out that this statement comes just a few months after Bundesbank President — Jens Weidmann — took a jab at blockchain technology, calling it ‘slow and expensive’.
More On The Matter
Since 2017, the folks over at JP Morgan have made constant contradictions when talking about the crypto industry, For example, a couple of years ago, CEO Jamie Dimon was quoted as saying that since BTC has no intrinsic worth attached to it, the digital asset will eventually implode. However, since the start of 2019, Dimon has been going on a variety of different TV shows and claiming that his original comments were ‘quite childish’ and that blockchain technology is ‘here to stay’.
Wells Fargo to Pay States About $575 Million to Settle Customer Harm Claims; Latest settlement covers retail sales practices and auto-loan, mortgage charges https://t.co/xrY4jaAXy5 pic.twitter.com/xKveGD6eKD
— Barry Ritholtz (@ritholtz) December 28, 2018
Earlier this year (January 2019 to be exact), a representative for JPMorgan took a swipe at Bitcoin — saying that mining the premier digital asset was not a profitable activity anymore.
What is most shocking is that, within a few months of making such a proclamation, the $2.5 trillion company announced to the world that it was all set to release its very own crypto offering — the JPM Coin
Recently, the Bank of America and Citigroup announced the launch of their separate crypto custody platforms (that have been built primarily for institutional investors.)