A few people on here have expressed confusion at how cryptocurrency could possibly be a threat to conventional banking.
Jamie Dimon of J.P. Morgan infamously suggested that Bitcoin was a fraud - amidst other outbursts in recent months. Meanwhile, J.P. Morgan have admitted for the first time that Crypto is a threat to their business;
"“Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation,” the bank (JPM, -1.18%) wrote in the report."
In other not unrelated news, Goldman Sachs is now in the Cryptocurrency Exchange business. I'll qualify that by saying that it's not direct - Goldman Sachs own a significant stake in payments company, Circle. Circle in turn have bought one of the largest european crypto-exchanges - Poloniex.
LINK.
Crypto pricing could well end up much lower as others on here have speculated. However, crypto itself is here to stay regardless of the pricing speculation.
Jamie Dimon of J.P. Morgan infamously suggested that Bitcoin was a fraud - amidst other outbursts in recent months. Meanwhile, J.P. Morgan have admitted for the first time that Crypto is a threat to their business;
"“Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation,” the bank (JPM, -1.18%) wrote in the report."
In other not unrelated news, Goldman Sachs is now in the Cryptocurrency Exchange business. I'll qualify that by saying that it's not direct - Goldman Sachs own a significant stake in payments company, Circle. Circle in turn have bought one of the largest european crypto-exchanges - Poloniex.
LINK.
Crypto pricing could well end up much lower as others on here have speculated. However, crypto itself is here to stay regardless of the pricing speculation.